Long Island home sales and prices appear to be improving, but what’s being done about the outrageous property tax overcharges being levied on homeowners?
According to the Multiple Listing Service of Long Island and a report by Newsday local homes sales volume is up 16% over last year. Pending sales are also reportedly up with 19% more contracts being inked in Nassau County last month and 13% more in Suffolk County.
Home prices are also up 2.3% in Nassau and 8.7% in Suffolk County. The uptick in activity has resulted in listings for sale being reduced to a moderate amount of inventory.
Still, in reality many local home values are barely over 50% of where they used to be. Locals responding to these media stories say they don’t see this type of action really happening on the street where they live, and many homes and neighborhoods are certainly still suffering from Sandy damage and lack of support from insurance companies.
Ultimately the housing market will likely continue to recover even if not at the velocity some would like. However, in the meantime those still trying to recover financially are still getting stung by high property taxes which are often still being charged on previous values. Simultaneously these individuals and families are getting slapped by inflation and rising living expenses while their incomes stay relatively stagnant.
Property taxes still make up the bulk of this, but don’t expect this to be automatically corrected by anyone else. With sales speeding up and prices rising don’t anticipate the Nassau and Suffolk County property appraisers to rush to fix assessments.
Still many are overpaying by thousands. Surely there is a better cause to support or way to spend that money than overpaying on taxes. So get it corrected by filing a property tax grievance with the help of a local property tax adjuster.