2015 has a lot of potential, but it may fall far short of that unless Long Island fixes its property tax issue…
While some statistics are looking up, many point to obstacles such as access to mortgage financing, income taxes, and wages as roadblocks to greater prosperity, home buying, and a stronger overall economy.
There is huge interest in buying NY real estate in 2015. Millennials are coming of age to buy homes, and savvy global investors and institutions can’t get enough of it. There are even plenty of fixes for the above. Those that are willing to work and have a strong entrepreneurial spirit won’t find it too difficult to enjoy higher earnings in 2015. While the president seems to be on a mission to raise taxes, NY has created tax free zones, self-directed IRAs can offer protection for investors, and Forbes reports that Puerto Rico is remerging as a new tax haven from where millions can enjoy protection by just by spending their seasonal vacation time in the sun at. Mortgages are even becoming easier to get for those that know where to look.
The big draw back for many when it comes to buying a starter home, moving up, or investing in more property on Long Island is really outrageous property taxes. It doesn’t matter where interest rates are, or if 100% financing is available, or if income is plentiful if homeowners are shelling out such large amounts for property taxes. In many cases some may be plowing more into property taxes each year than they are paying down balances and are adding equity.
More home buying and real estate investment in NY is critical for building up the local economy. In fact, given the collapse of oil prices, and fear of a frothy and overvalued stock market, real estate may be the one thing we have to build on. More home sales mean more jobs, better wages, and more. Unfortunately it isn’t just high property tax rates which make this challenging on LI, but the broken system which means so many are overcharged each year.
While we may not realistically expect this to be fixed by government any time soon, individuals can leverage Property Tax Adjusters, Ltd. to reduce property taxes when buying, selling, and investing in real estate in Nassau and Suffolk County, NY. Each individual that takes advantage of this help won’t just help themselves, but will be making steps in strengthening the local economy.