The first major storm threat is about to hit the East Coast. It’s a fresh reminder of the risks, and could impact property taxes.
Florence is a major hurricane about to hit the East Coast. It may not directly hit Long Island, but it will affect many, including many who relocated to the Carolinas after Sandy. It could be just the first of many to strike this coast as we enter peak hurricane season.
Besides the direct cost of damage to homes and business properties, storms like these are notorious for interrupting work and incomes, and the ability to cover housing expenses, including property taxes.
When storms like this hit, it compounds the financial burden on the whole community. Neighbors wind up with less money to spend and shop, and businesses have less money to employ people. This often leads to more foreclosures and property tax auctions. All of which can lower local property values. Meanwhile wind and flood damage means cities and counties need more money to repair infrastructure and to respond to emergencies, and raising property taxes is an easy way for them to bring in that extra money.
If your property is damaged in a storm, or your property value is impacted by lower neighboring values and weak sales, you should be entitled to an even further reduction in your property tax bill. You may even already be eligible due to past issues, but just might not have challenged your tax assessment yet.
Whether you are already struggling with high housing costs and property taxes, get help. Make sure that if you have to evacuate and get out of the way of a storm that you keep the contact number and email for a local property tax adjuster in your pocket, with other critical documents.