7 Reasons Your NY Property Taxes Could Rise In 2020

Blog March 12, 2020 By Admin
Back

Are your NY property taxes going up this year?

There are a variety of reasons New Yorkers, including property owners on Long Island could see a spike in their tax bills in 2020 and 2021. Be alert to them. Know what you can do to keep them down, and even lower them.

  1. The Coronavirus

The current pandemic is proving to be one of the most disruptive forces we’ve seen in our lives and economy for over 200 years. It’s probably not the end of the world. Though it is going to cause local governments to recast budgets with extra needs running into the tens of millions and far more. There may be a need to bail out businesses again too. This money is going to have to come from taxpayers. Typically in the form of extra property taxes.

2. School Taxes

School taxes make up the majority of our property tax bills. Every year they seem to say their spending needs have gone up. Even though many schools are closing and most are being shifted to eLearning, don’t expect that to change. In fact, while the ability to operate virtually, and to sell off school assets to add to their billions in rainy day funds, should make them more profitable, they are likely to claim they have massive additional financial needs to make the transition. Fortunately, in the long term this change should dramatically cut their funding needs. At least in theory.

3. Struggling Properties 

More financially trying times for individuals and businesses could mean more struggling properties. Foreclosures, vacant, and abandoned zombie homes put a much greater financial burden on counties, cities and towns. They have to maintain them and secure them, while not producing tax revenues. That elevated burden gets split amongst fewer neighbors.

4. Rising Property Prices

Even though your home value may now be heading down, the property appraiser’s office is going to base your new tax assessment on recent sales prices. That could include a big jump on your home taxes if you purchased it within the past year. Or if your neighbors have been selling their homes for more.

5. Major Home Improvements

If you’ve made major home improvements or additions, that could trigger a higher tax assessed value too. Know the financial impact of the taxes before you start.

6. Newly Elected Officials

A new president and other elected officials could bring big tax changes, including new taxes and higher tax rates.

7. Flawed Property Information

Flawed information on the tax rolls means a high percentage of Long Islanders receive incorrectly high property tax bills every year. Most don’t even realize it. They just keep overpaying every year.

All of these scenarios make it even more important to fix and appeal your NY property taxes and start saving now.