How can we find some relief from NY’s soaring property taxes?
According to data from 24/7 Wall Street, NY is once again #1 for the highest taxes in the country. Add up your state income taxes, property taxes, and sales taxes, and if you live in New York, you are probably paying far more than if you lived anywhere else in the US.
What can be done about it? What are other regions doing to maintain public finances and even out the tax burden? Check out these five proven, wild, and highly controversial ways it could be done…
1. Legalize Marijuana & Tax It
Many other states, cities, and even countries have found the key to balancing their budgets in legalizing drugs. We already have medical marijuana, but the New York Law Journal sees a new push for recreational drug use as well.
2. Taxes to Enter & Use Public Spaces
Although the proposal was recently shut down, Nassau County executive Laura Curran had proposed new fees to use public parks. Specifically to charge groups using these facilities. Many will see this as unfair and dangerous for the community. Though we already have toll roads and expensive public parking. A pay to play scenario charges individuals on what they use, not on what their numbers use.
3. Introduce a Poll Tax
As the New York Times reports, 2018 has been another tough and scary year for home buyers. Shifting to a per person tax, would eliminate the penalty for owning a home in NY, while potentially enticing more renters to become owners and more engaged and invested members of the community.
4. Eliminating Tax Breaks & Deals for Developers
As many as 60% of New York property owners don’t pay property taxes due to various breaks, waivers, and sweetheart deals. Keeping tax levies even could still help developers and businesses, as home buyers could afford higher prices at the store. If 60% more owners were paying property taxes, the average tax bill could theoretically be cut in half.
5. Spurring More Sales Taxes
Property taxes could theoretically be replaced by sales taxes. That could even come in tandem with eliminating personal and corporate income taxes. Many of the most affluent destinations in the world do just fine with this set up. It could attract more employers, and help retain more residents, and most will spend those savings locally.
What to Do Right Now
While we wait and see if anything is done to really change the tax burden for New Yorkers, each and every property owner has the right and ability to appeal their property tax bill, and should. If you are tired of paying sky high tax bills get in touch with Property Tax Adjusters, Ltd. and find out how much you can save now.