If you can’t keep up with all the tax hikes this year, you’re probably not alone. There seems to be an extra special push to hit Long Islanders with more taxes. Here is the latest hit to your wallet, what may be next, what others are doing about it, and what you need to do now…
New School Tax Hike
Suffolk and Nassau County are prepping for a $8.85B tax levy. The Association of School Business Officials have announced that will translate to a new 2.5% increase in taxes. As we know, school district taxes alone may up about 70% of our property taxes on Long Island.
Officials have also warned that if outside funding doesn’t come in, that those figures could be even higher. With all the political chaos happening already, and entering into Atlantic hurricane season again, we should be careful about expecting too much federal or state funding to keep those taxes down.
Higher Property Tax Assessments
New assessments assure that this isn’t just a 2.5% hike either. If your property tax assessment value has doubled for 2019-2020, as many may have with the new system just put into place, that’s really going to be twice as much when it comes to writing the check.
Fleeing Jobs & Property Owners
The New York real estate market has already been crumbling for a year. True property values should be much lower. Some experts predict over 80% of home listings will sell for significantly below asking price this year. Amazon hasn’t been the only one to pull out on the business side either. The latest job figures this week show the smallest number of new jobs being added since 2017. Income tax revenues are also being reported as shrinking. Either due to unemployment or more people leaving the state for cheaper pastures with lower property tax rates. All together this is just going to put a far larger burden on those who stay. Fewer people covering bigger budgets.
Even Alexandria Ocasio-Cortez’ (AOC) own mother has left NYC for Florida, blaming high property taxes for her relocation. If AOC gets her way next year, your tax rate could be 70% or more, and you can bet higher property taxes will be coming along with it.
It’s time to act.
Whether you hope to sell your home on Long Island and move or are willing to do whatever it takes to stay, make sure you are appealing your property tax bill today.