New Real Estate Trends Add To Long Island Property Tax Burden
Saturday, October 5, 2013
New trends, discoveries and proposals plié up the property tax burden for Long Island residents. So what’s the solution?
Last week Long Island’s Newsday covered a new study which predicts a major rental shortage in the areas future. In conjunction with rising rents, that puts up another roadblock for locals looking for a way to escape sky high Nassau and Suffolk County property taxes.
New apartment construction is happening, but not in the most beneficial way for the island. Nassau has finally joined the new trend in putting up modular, pre-fabricated apartment buildings. While potentially more affordable and less disruptive to construct for neighbors the trend could dent the local economy even further.
Modular apartments can be built out of state, reducing local jobs and cash in the local economy while prop taxes continue to go up.
Meanwhile Gov. Cuomo is discovered to have received tens of thousands of dollars from New York real estate developers just weeks before granting the donors tens of millions of dollar in property tax breaks. This doesn’t necessarily mean that there were any shady dealings but it adds to the immense disparity which has some with the deepest pockets paying no taxes while those that really need the breaks the most are picking up the tab.
Ironically PA is considering doing away with property taxes altogether. Many Long Island residents would surely love to see that. However, it is doubtful that much will be done to fix the situation right now certainly not in time to help with the next round of property tax bills for those on Long Island.
Ultimately the best option for those stuck overpaying now remains is to enroll the help of a local property tax adjuster to file a tax grievance and get their bills reduced.