New Yorkers need to be bracing for even higher property taxes as residents flee to cheaper states and new tax clouds gather on the horizon.
Challenging your annual property tax bill is a must if you live in NY. It’s going to become even more important in 2019 and 2020 as more factors could try to pry more dollars out of your hands for taxes.
A new report from the US Census Bureau shows that New York leads the nation in losing residents. Over 48,000 residents fled NY through June 2018. During the same period the low costs states of Texas and Florida gained 380,000 and 322,000 residents respectively.
Other high cost states like Illinois and Connecticut lost population too. We landed Amazon, but who will want to work there and live nearby with taxes so high. Especially compared to taking a a remote Amazon job, and living in a state with no income taxes, and much lower property taxes?
Until the property tax mess is truly fixed, we can’t expect to retain residents, the best workers or businesses.
Factors Forcing Higher Taxes in 2019
With the Democrats taking control of the house in 2019, we can expect a range of sweeping bills designed to send taxes soaring. This includes a $1T infrastructure bill, boosting teacher pay by $50B, and spending another $50B on public school infrastructure. All of these and other bills mean more taxes. Increased school spending directly impacts property tax bills as well. Despite the fact many districts could be sitting on billions of dollars in reserve funding.
New York farmers have received an extension of their tax exemptions for buildings on their properties, but Nassau County residents and business owners could still be the hardest hit this year with new assessments. Some are seeing their annual property tax bills go up by 57% under the new assessments.
These taxes could go even higher with fewer residents and businesses. The fewer taxpayers there are to tax, the larger the burden on each person who stays. Plus, we’ve still got to find the money to pay for Jeff Bezos’ new facilities in NY.
If you hope to stay, or even just hope to be able to sell your property, you must grieve your property tax bill.