Rising taxes are making it more and more expensive to stay in NY, but once you’re here, you never want to leave.
There’s nowhere in the world quite like New York. It’s magical. Yet, there are many forces working together that are making it more expensive and harder to stay. Not everyone wants to leave for Florida full time, or can make sense of converting an old school bus into an RV to travel the world in. Yet, there’s a reason that New York ranks at the bottom for worst states for retiring and cost of living, and it’s mostly the taxes. So, what can you do about it.
1. Work From Home
Working at home could help you cut costs, and hold onto more of your income to cover remaining housing expenses. You no longer have to live in Manhattan to hold a top paying job. In Brooklyn as many as 60% or workers now work remotely. You can live even more affordably in parts of Nassau County, have less of the mayhem and still be within easy reach of of all the things you love about this state.
If you are semi-retired, this can be a great way to make extra income. If you have been working another job you travel to, this can help you slash commuting costs and time, and cut out the bankrupting expenses of child care.
2. Buy A New House
The rent in New York is anything but cheap, and it keeps going up. At least owning a home means you are building equity and have some type of legacy to leave. If you’ve been living in an aging apartment or home, the maintenance is stacking up, the utility bills are a burden, and you’re tired of the weather impacting your home, and the rising property taxes, it may be time for a new home.
Haus.me has just launched sales of its next generation homes in the US. These smaller footprint homes, have zero carbon emissions, so they are good for the environment and mean lower property tax bills. They can run autonomously without needing to use local utility hookups, so you never have another utility bill. They are even hurricane and earthquake proof so you can forget about worrying about storms. They are even remarkably affordable.
3. Modify Your Current Home
If you really can’t bear to move, and you have the financial luxury of making modifications to your current home, that may be a great option. You can make it more energy efficient to reduce utility bills. You can subdivide it and sell off parts of it to bring in cash and lower your maintenance burden. You may be able to rent part of your property out in order to create an extra income. You could make changes that could reduce your property tax assessment.
4. Challenge Your Property Tax Bill
Of course, the easiest and most straightforward way to meaningfully reduce your taxes and living costs is to grieve and appeal your property taxes. At Property Tax Adjusters Ltd., we’re here to make that easy.