The recent devastation of hurricane Harvey, and two following major storms bring fresh awareness of the the need for homeowners to keep a close eye on their property taxes.
The Impact of a Hurricane
Hurricane Harvey has already dealt immense damage on the south. It will likely take billions and a decade or more for a substantial recovery. Many businesses and families may never bounce back. We know this all too well from recent storms like Sandy on Long Island, NY, and Katrina. Two more major storms were reported to be brewing right after Harvey too. Overall this is expected to be a highly active hurricane season, and we still have almost 3 more months to go.
In addition to the tragic and irreplaceable loss of life, there is the loss of commercial real estate and the jobs and income reliant on them. Then there are the public services and parks hit. Then then homes and residents and belongings damaged or destroyed.
Hurricanes & Property Taxes
One of the side effects of disasters like this is more money being needed by local government. There may be some federal help, and emergency reserves. Yet, those stores need to be replaced. Local counties, cities, and villages need to secure the area, pay overtime to emergency service workers, clean up, rebuild, and replace a lot. There will likely also be a huge increase in need for public assistance for those who have lost income and housing. This can mean higher or special property taxes to make up for it.
At the same time many homeowners will find their properties have sharply devalued overnight. This can be due to physical property damage, or lack of appeal by buyers to buy in a disaster area, or neighbors selling out cheaply. In turn many will find that their property condition makes it hard to sell or rent. That gets harder if you now owe more on your mortgage and debts than the property is worth.
Challenge Your Property Taxes
If you are in an affected area you may get some temporary relief if you contact your mortgage company and creditors. Unfortunately, taxing authorities are normally quick to raise assessments when things are going up, and very slow and resistant to reducing them when disaster strikes. You will have to be proactive. If you want to keep your housing payments affordable and get a fair bill, and assessment, you will probably need help challenging your property taxes.
Property Tax Adjusters, Ltd. can help with that for your properties on Long Island. Get in touch today and get the relief you need.