Higher Property Taxes Already Being Planned for Long Island in 2014
Thursday, May 16, 2013
Long Island property taxes may be among the highest in the country, but new proposals plan to send them even higher!
According to the new annual tax report for the 2013 to 2014 school year over 70 school districts on Long Island plan to hike taxes and spending. That’s more than double the number which caused such a ruckus this year as counties blew through supposed tax caps.
At the same time there seems to be little relief in sight on the housing market front or grander tax picture that could offer hope of less tax in the near future.
Despite Treasury Department pressure and a new Congressional Budget Office report showing some $3 billion in potential savings, the FHFA continues to adopt principal reductions for Fannie Mae and Freddie Mac. $3 billion in government savings from this move would trickle down to tax payers, reducing their annual overall tax burden. If Fannie Mae and Freddie Mac did embrace principal balance reductions on mortgages it would also give more distressed Nassau and Suffolk County homeowners room to sell enabling more homes to be recycled to those that have the financial ability to pay local property taxes and pay them on time reducing the burden on neighbors.
With even larger spikes in Long Island property taxes to come next year filing a tax grievance is obviously a smart move, but clearly even wiser to get it in this year to reduce assessments now and stay ahead of the game for 2014.