My wife and I are contemplating finishing our basement; nothing fancy, just creating a family room and an additional bathroom. When all is said and done, total square footage would be around 1,300 (of the basement). Does anyone out there have any sense how much the village would increase our taxes based on this work? Has anyone else had the same sort of thing done recently? Thank you for your help.

Depending on the work you do and how you do it, you may not be required to get a building permit. Without a permit, the county will not know of the work and thus there won't be any implications on your taxes. My guess, in re-reading your post, is that by adding a bathroom, you will be required to get a building permit. The most conservative way of determining the tax implications is to add the total cost of the work to your house and make the appropriate adjustments to get to assessed valuation.