New York is hitting property owners with yet a new round of eviction bans and tax hikes that seem intent on crushing landlords. Whether you want to hold out or cash out, it makes challenging your property taxes more important than ever.
It’s All Out Financial War On NY Landlords
At the beginning of May NY legislators put another nail in the coffin of landlords in the state. This time by extending eviction bans on renters who aren’t paying through at least August 2021. Plans also include providing three additional months of forward facing rent protection and a year of eviction protection.
That could mean it is easily 2023 before many NY landlords can even begin to evict occupants of their properties. With New York’s notoriously slow eviction process, and a potential tsunami of eviction filings then, it could be 2026 by the time many landlords could regain access and control of their properties.
At the same time a slew of new taxes and tax hikes are being proposed and implemented. That covers a great range from rising federal and state income taxes, to capital gains taxes which may be close to 60%, and property taxes which may increase by 50% for some on Long Island this year.
Whatever good is being said publicly about providing relief, the actual actions and new bills being put into place say completely the opposite in reality.
Killing The State Economy
The new eviction ban, and blocking landlords from raising rents, despite the rise in taxes, seems like it can only be intentionally orchestrated to crush the state’s economy, property market and property owners.
The new eviction ban and tax hike spree seems to have only one purpose, to force owners into bankruptcy and force them to surrender their properties.
Won’t a foreclosure ban help?
No. Even for homeowners and landlords, it is only delaying the inevitable. It means back debts mounting up to where they cannot possibly catch up. Don't be lured into that position. Whether you want to keep it or sell it, you’ve absolutely got to reduce costs where you can right now. Reducing property taxes is one of big ways to do that.
It only follows that if lenders cannot get paid either that they won’t want to lend. They are going to go somewhere else, along with all of the jobs and investment that has built the Empire State, and sending values into a decline.
If you want to stick it out, then you must reduce your property related expenses to account for lack of income and rising taxes. Even if you want to sell, you must position your property with the lowest taxes and holding costs to win prospective buyers.
Get in touch with us today to get started by reducing your annual property tax bills.