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Economic Challenges Still Plague LI Property Tax Payers

By timhoughten
Thursday, September 3, 2020

Economic challenges and uncertainty continues to make things harder for Long Island property tax payers. 

Some seem to be getting huge tax breaks, while others are left to pick up the slack and pay even more. What’s happening now? What’s next? What can you do to fend off higher property taxes, protect your properties and finances?

Economic Uncertainty

While on the surface it may seem like business and spending as usual out there, rumors are that there is a lot happening in the shadow data that suggests the economy is barely holding on by a thread.

We seem to be at a moment of delicate balance from where we could soar to new highs and be back in an even better position than at the beginning of 2020. Or we could fall into deeper depths than the 208 crisis.

The stock market once again plunged on September 3rd, 2020. The NASDAQ plunged and Dow plummeted by 50 points led by Apple’s decline.

Car dealers are saying they are seeing an epic amount of repos and auto loan lenders are following mortgage lenders in tightening up. Capital One is reportedly leading credit card issuers in slashing consumer credit lines to avoid losses. 

Long Island Business News

says we are dealing with both record unemployment and drops in consumer spending, which are needed to pull the economy out of the hole. 

Big Financial & Tax Breaks

While many are grappling with rising property tax bills, some are getting big breaks. 

LIPA, the

Long Island Power Authority

has finally agreed to settle its bill in exchange for an almost 50% reduction of its annual property taxes in Suffolk County. That’s a savings of $40M a year along in the town of Huntington. Local homeowners aren’t too happy that they will be the ones who have to make up the difference. 

 

In Nassau, the county has announced it will stop payments on almost $100M in debt, despite having a large amount of reserves and not giving its taxpayers a break themselves. 

ATTOM Data has also sounded the alarm that a new wave of zombie foreclosures is rising in every state in America. Properties which have been abandoned by owners and borrowers, but which banks have not yet foreclosed on. As we know from the last time around, this can put a big financial burden on local governments to maintain them, while dragging down neighborhood appeal and property prices. While no one makes those property tax payments, the neighbors are the ones who have to pick up the slack in the budget. 

For those who don’t feel it is fair to be paying even more taxes, while big organizations get all the breaks, get in touch with Property Tax Adjusters, Ltd., to find out how much you should be saving on your tax bill this year.

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