2020 is likely to be a big and very controversial year for all types of taxes, including property taxes. There is a lot at stake for New Yorkers and Long Islanders who already face extreme tax bills and are grappling with many other new laws, taxes and regulations that are going into effect.
Here’s what to watch for 2020…
- The End Of Property Tax Relief Checks
Annual property tax relief checks have long been controversial. You get over-billed on your property taxes. The government holds that money and uses it to make more money. Then maybe they send you a few hundred dollars back after a year of gambling with it.
These checks are considered a political ploy used to win over and sweeten up voters right ahead of an election. Even if the whole premise means taking advantage of those same voters on the other 364 days of the year.
The only downside of doing away with these checks and rebates is that Long Islanders will probably still pay more taxes, they just won’t get any of it back unless they are appealing their annual property tax bills and assessments.
- Local Government Buying Up Property
Despite constantly complaining that they are broke, in the red and need more property tax revenues, many authorities are still buying up real estate to hold themselves. This not only means taking more property out of the tax revenue pool, but means locals are going to have to come up with even more money to cover the deficit to pay to maintain these properties and the lost tax revenues by taking them out of privatization.
Announcements already include Southhold buying 100 acres with a golf and country club for over $5M. Brookhaven is also spending over $3M to buy an old sand mine site.
- Higher Annual Property Tax Bills
When was the last time they voluntarily lowered your annual property tax bill? In spite of all the talk about property ‘tax caps’ they seem to just keep going up. Expect that to happen again this year. Far more if you live in Nassau County. Protect your home and investment by grieving your taxes with the help of Property Tax Adjusters, Ltd.
- The 2020 Presidential Election
Don’t cast your vote until you’ve taken a moment to research what your candidate’s tax policies are. What new taxes and higher taxes are they vowing to unleash next year? How will that impact your income, finances, home value, taxes and your community?