Watch Out: 30 Things That Can Increase Your Property Taxes

Watch out for these things that could hike your property tax bill even higher…

Unfortunately, most property owners don’t know what determines their tax bills. Given the disparity and complexity in NY’s property tax system it is really no wonder. Yet, that confusion could definitely be part of the plan to keep tax revenues up.

Consider that in a condominium building where a single unit sold for $70M, the whole property is only assessed at just over $40M. As well as that you might pay 4x the property taxes for the same price house in Canarse, than if you bought in Park Slope. This year NYC alone hopes to bring in almost $30B in property tax revenue.

Sadly, unless property owners know what really justifies tax increases they are almost defenseless. At least without expert help. Once you know, you can avoid triggering higher taxes on your home and business property, or at least know when to expect it.

Contrary to one NY billionaire’s recent claim, the number of geese pooping on your lawn might not get you a tax break, but watching out for these things can.

  1. Higher school district taxes

  2. Higher county property tax rates

  3. Public projects and infrastructure development

  4. Public-private building partnerships

  5. Increased energy costs and higher salaries for public workers

  6. Higher property tax assessments

  7. Rising home sales prices and sales of neighboring properties

  8. Technical mistakes in calculating tax bills

  9. Rising costs of managing the tax system

  10. Fraud

  11. Greater numbers of inactive but salaried public workers

  12. Significant home makeovers and redecorating

  13. Adding an extension or more square footage to your property

  14. Increasing the number of bedrooms in a home

  15. Increasing the number of bathrooms in a home

  16. Rising area rental rates

  17. Major storms that require cleanup and extra funds

  18. Adding buildings to a property

  19. Major renovations (i.e. roofs and siding)

  20. Adding special features like swimming pools or garages

  21. Reduction in number of neighbors paying their tax bills

  22. New developments with higher assessed values

  23. New legislation

  24. Major renovations or redevelopment of neighboring property

  25. Upgrades made to your community or condo building

  26. Finishing basements

  27. Converted attic spaces

  28. State and federal funding cuts

  29. Rising interest rates

  30. Failing to challenge your property tax assessment and bill

Need help figuring out your tax bill, how much you should expect to pay, and how you can get your taxes reduced? Get in touch with Property Tax Adjusters, Ltd. today.

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“I have saved on my own real estate taxes for many years. As well, any clients I have referred have also saved on their taxes and advised they were very happy with the service and results received from Property Tax Adjusters. It is without hesitation that I refer interested persons, friends and clients alike, to Property Tax Adjusters for assistance on reducing their taxes.”
Herbert G. Pitkowsky, Esq.