Long Islanders should be getting lower property tax bills soon. Just don’t expect your taxing authority to volunteer to reduce your bill, even if you deserve it.
There are a variety of factors that should be putting downward pressure on property tax bills across New York. Though it seems some will always find a way to keep pushing those taxes up. Here’s what’s coming, and what local homeowners should be doing about it…
Why Long Island Property Tax Bills Should Head South
The biggest influencer of property tax bills is (or at least should be) property values. The more your home is valued at, the higher your annual tax bill. As we’ve recently covered, a weakening Long Island housing market should bring those assessments down. According to other data Manhattan has already seen its real estate market in a year long ‘correction’. These declines typically start in major metros like NYC, Miami and San Fran, and then spread around the country, deflating home and business property prices. That may not feel good, but if ought to provide an equal amount of tax relief.
The stock market also just suffered another precipitous plunge. While experts have been warning of a new stock and tech market crash for years, these ongoing dips and uncertainties also heavy influence the direction of housing markets like those in NYC and across Long Island.
It’s also public knowledge that close to half of local property tax bills are already incorrectly over-inflated each year. This alone is a big cost. It takes a lot of resources to handle appeals and reimbursements. Bills and public expenses could be lower if this is corrected. Unfortunately, taxing authorities count heavily on money given up by those who don’t speak up and get help with overpriced bills.
All the new technology that is coming available should be making processes and administration more efficient across all public operations, and should mean less property tax revenues are needed.
Why You Shouldn’t Expect Bills to Go Down Automatically
Of course, there are a number of opposing factors designed to keep property taxes up too. Public spending is a huge one. We do need public services and investments, but not everyone agrees that money is being spent wisely.
For example the new library in Bayport that is set to cost local homeowners another $200 a year in property taxes. This is in addition to many other building projects and tax deals for private developers, as well as controversial green space deals.
Then there are the new tax rebate checks that are supposedly in the mail right now. These tiny checks are meant to make people feel better, and not challenge their bills or the system, but add more costs (and ‘need’ for taxes), and are designed to gain support for politicians who haven’t fixed the system yet.
Taxing authorities are never in a rush to reduce assessments. Not even when due. That’s why Nassau County tax assessments were recently ordered after years, and just happened to be at peak of market.
Ultimately, while you might be due some relief and a lower bill, don’t expect it to be just given to you. You’ll have to challenge it, and get the help of Property Tax Adjusters to get the relief you are owed, but the big savings can be well worth it!