What’s happening with property taxes and in the NY real estate market this month? Find out here…
Young Long Island Adults Earning Less, Spending More on Housing
Data from the Long Island Association and a recent survey shows that younger Long Island adults are actually earning a lot less, and are paying a lot more for their housing. Compared to those aged 25 to 34 in 1970, this generation has seen wages drop by 22%, while home prices have gone up by 150%.
This has resulted in far more members of this age group living at home a lot longer. At least 44% were living with parents as of 2016. Versus just 10% in 1970. This has crushed household creation, which is a critical driver for the economy. Only around 36% are heads of their own household today, versus 86% in 1970.
Wolf of Wall Street Home on Long Island Slashes Asking Price by $510,000
The former Long Island home of the Wolf of Wall Street was just re-listed for sale with a big price cut. Cutting the asking price 15% from $3.4M, those who still feel flush and aren’t afraid of large property tax bills can make it theirs for just $2.89M. With 8,000 plus square feet 5 bedrooms and 8 baths, it now sounds like quite a deal for a home in NY.
Affordable Housing Tax Abatements Ending
A tsunami of maturing tax abatements on affordable housing projects is expected to shake up the nation’s multifamily apartment sector. As these credits for building affordable housing years ago go away, local authorities hope to capitalize on big property tax windfalls. Only the size of the tax hikes could erase the affordability of these housing options. A great example is a co-op over in Queens which saw its break go away in 2016. The property was then assessed at $51.7M for taxes. Just 24 months later the building has been reassessed at $101.6M, over a 100% increase.
Past Due Property Taxes Climbing for Trump Parc Apartment Owner
The owners of a 10 bedroom apartment in Trump Parc at Central Park don’t seem to be able to keep up with their taxes. That’s despite taking out $18.2M in loans on the property and renting it out for $57,500 per month. Owners are currently almost $100,000 in debt on property taxes, plus more than $6,000 delinquent on taxes on a separate apartment used just as a home gym. That’s in addition to being behind on common charges since February, totally over $34,000.
If you need help with your property taxes to make life easier and keep your property get in touch with Property Tax Adjusters, Ltd. today.