2013 Budgets Include 65% Property Tax Increase on Long Island
Thursday, January 24, 2013
Long Islanders brace themselves for harsh tax hikes in 2013…
Everyone ‘appears’ to be in agreement that higher taxes are a bad thing for the local economy but despite a string of rough times in 2012 and being poised on the edge of the fiscal cliff many New Yorkers face an even tougher cash crunch in the New Year on higher property taxes.
In Suffolk County, the town of Islip proposed a whopping 65% property tax increase for 2013, blasting through a supposed 2% rate cap.
For those in Nassau County, at least local government is saying some of the right things. County Executive Mangano’s proposed 2013 budget slashes spending again, with “no-property tax hike” for the third year in a row. Of course, this may be puzzling to the many local residents who have seen their tax bills jumping up dramatically over the last few years.
Despite the proposed budget and claims, many Nassau County property owners have seen double digit increases in their tax bills in the last year alone. Following Sandy, and a continued shift of the tax burden onto those who fail to file grievances this is likely to be even more significant as we roll into 2013.
According to the NY Real Estate Board, 184,000 property owners appealed their tax assessments in the last fiscal year, resulting in half a billion dollars in reductions in those tax bills. That revenue is obviously often then attempted to be levied on those who don’t stand up and file grievances.
The message is clear. Unless you want to fork out for a giant tax bill in 2013 you need to take action…