Bought the house for 300k, put 300k in fancy renovation,

[Alberto C.]

I bought a 1959 house for 300k in 2018, 2400 sqf, in Gainesville Florida, 1 mile north of UF campus. I live in the house and I work at UF. I paid off the loan in 2021 (inheritance plus good savings from my job, and April 2022 I decided to get a HELOC do a renovation, and make the house modern and fancy (R&Q select oak throughout, modern kitchen, took down 2 walls for open space vibe, modern electric fireplace bumpout with cabinets in veneer wood, bar in veneer wood, remodeled master bathroom, Sonos music system throughout the house. Total cost: 300k. Renovation will be completed in 2-3 weeks. Now the house in Zillow is 466k, but Zillow does not know yet I am renovating of coarse since I am not done. In April (pre-renovation) in-house appraisal for the HELOC came up to 420k (and Zillow was 429k so they were consistent). I asked the appraiser how much the price will go up with those 300k renovation and he said "I am not sure without seeing it, but make sure to show up the 300k receipt to the appraiser to try influence him and bump price up". Should I really do that and show receipt to try to bump price up? Only built-in bar and built-in bump-out fireplace were 70k. On the one hand I would love the property value to go up by 50% of the cost of the renovation (150k, which would make the house value go up to 616k, which seems a lot to me). On the other hand, I dont wanna pay a shitload of property taxes. Should I maybe not show the receipts and get a lower appraisal to save in property taxes, and then in the future if I wanna sell (not before 5 years from now) I ask for a second appraisal and show receipts?

[Brad S.]

@Alberto C.

First thing - An appraisal done for a loan will not affect the tax assessed value. The assessor will never see it first of all and it is done for financing purposes, not tax assessment purposes. 

Second - the appraiser is "influenced" by market data, not by Owner bias. Give them all the info and data you think is important for them to consider in their analysis. 

for the record - I am a longtime Certified RE Appraiser and ex-Deputy Tax Assessor (not in FL)