High End Hamptons Home Sales Surge, But It’s Bad News For Taxpayers
Saturday, November 2, 2013
Luxury homes in the Hamptons seem to be flying off the market for top dollar prices. Unfortunately, this may also be seriously bad news for many Suffolk County property taxpayers that are already being overcharged…
Governor Cuomo has been busy serving up good news for Long Island property taxpayers for the last week, but it’s what he isn’t saying that local homeowners should be listening too.
Gov. Andrew Cuomo recently announced that no additional tax burden will be put on Nassau County residents for the rebuilding of the Long Beach boardwalk, even though there was a funding shortfall.
In other news both Suffolk and Nassau County were told they would be receiving $815 million in additional Sandy aid. While it’s good to know this cash is pegged for shoring up the area to protect against future storm damage, none of it sounds like it is pegged to make it to local homeowners according to coverage by the Long Island Press.
Meanwhile real estate statistics for the Hamptons shows an incredible surge in activity. Top end home sales prices saw a leap of 21% to an average of $10 million in the 3rd quarter according to local Realtors. RealtyTrac reports a jump up from just 22 luxury home flips in the county last year to 188 in the last 12 months.
We are now seeing many scooping up property in the $4 million price range and flipping it in the $8 million to $14 million price bracket.
While this is great for those cashing in on these Hamptons homes, it also means soaring property prices. Along with that comes surging property tax bills. This could do serious financial damage to those already struggling to keep up with over bloated bills. Beat it now by filing an appeal and getting your Long Island property tax bill reduced…