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Property Tax Bills Are Coming: 5 Ways To Reduce Your Living Costs On Long Island

By timhoughten
Thursday, October 1, 2020

New property tax bills are in the mail for Long Island property owners. At least 53% are expected to see their tax bills come in higher this year. 

Along with inflation at the grocery store and many are feeling the pinch of recent events showing up in their incomes and savings accounts. How can you reduce your living costs and afford to stay on Long Island?

  1. Challenge Your Property Taxes

It is no secret that new tax assessments are seriously flawed. Even in an average year around 48% of all local property tax bills are frequently incorrect and over inflated. So, one of the easiest ways to both reduce your housing costs and overall living costs, without sacrificing anything more is to simply get help appealing your flawed property tax bill. Stop overpaying and enjoy more free cash.

  1. Refinance Your Home

New York property values may be at the highest peak we could see for years. At the same time interest rates are at incredible lows. Banks may continue to cut access to credit. Now is the time to refinance your home on Long Island if you still can. 

You may simply refinance the rate and terms to optimize for lower monthly payments. Or if you have been swiping and building up higher interest rate debt on your credit cards, this could be the time to consolidate debt and roll everything into one lower monthly payment.

  1. Rent Instead Of Own

According to Bloomberg, rents in New York are already down by 10.4% this year. More people are leaving than are coming in. More than 70% of New Yorkers who earn $100,000 a year or more say they have been planning or are planning to leave within 24 months according to a Manhattan Institute poll. With dramatically fewer renters competing out there, you might find a great deal on a new apartment, and be able to get a lot of cash out of your home to reset your finances. 

  1. Keep Working From Home

Even though some companies are desperate to lure workers back to the office, it may not make sense for most individuals. You can save an enormous amount of time and money by not commuting. You can spend more time actually working and earning. 

  1. Cut All Nonessential Subscriptions

Over the past few years companies have been increasingly setting up home in our bank accounts with their ongoing subscription services. Often priced strategically so that no one wants to bother with the hassle of canceling them. Yet. you may not use most of these products and services anymore. At least not often enough to justify the cost. In other cases there are far more affordable alternatives without ongoing contracts. You could easily free up several hundred dollars per month by cutting these nonessential costs. 

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