HUD Homes Articles | 
(Bottom photo courtesy Rochester, NY, Democrat and Chronicle)
From the comments generated by Extreme Makeover homes in foreclosure and Extreme Makeover homes on the market, this latest Extreme Makeover home at 148 William St., Geneva, NY, is sure to raise a few eyebrows. Here’s the story: The Hill Family of Geneva, NY, which is a suburb of Rochester, NY, won the opportunity to have their home redone by ABC’s Extreme Makeover: Home Edition. Usually, the family that “wins” has some compelling, down-and-out story, but for the Hills, they were awarded the makeover due to Tim Hill’s work as a boxing teacher for underprivileged youth.
According to our information on the home, the original home was 2,312 sq ft and sat on a double lot, off to the right. This makeover centers the home on the lot, plus gives them a 3,200-square-foot, two-story house and boxer training facility. Here’s where the controversy comes in. According to this Democrat and Chronicle article:
It’s not yet clear what sort of impact the show will have on the Hills’ future finances. Geneva City Assessor Pat Grimaldi said the property taxes for the new home could be twice what they had been paying.
Even if the new house costs as much as $500,000 to build, the assessment wouldn’t be that high because it has to be in line with its fair market value and it would never sell for that price, Grimaldi said.
Most homes in the Hill’s neighborhood are worth $40,000 to $149,000. “This house is probably going to end up valued in the ($225,000) range for that street,” Grimaldi estimated.
But, he added, it could have a ripple effect: “It’s definitely going to attract people to buy in the neighborhood, which could drive prices up.”
Our Zillow Home Value Index for this area is $99,000, so it will be interesting to see how the assessment is handed down next year. Stay tuned!
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