Raising Long Island: Home Lifts, Home Prices & Property Taxes
Friday, August 22, 2014
Houses, house prices and property taxes are all headed up on Long Island. For some this is great, for others, not so much…
Receiving financial assistance for raising your home above the flood plain is fantastic. Rising Long Island home prices can be good for homeowners, sometimes. Few are excited about bigger property tax bills.
A new Long Island flood on August 13th, 2014 brought the message about being prepared for natural disasters home again, hard. Meanwhile arguments continue to rage over Sandy aid. Despite hundreds of millions being pegged for raising LI homes, many LI’ers are complaining they aren’t getting help. Over 100 Bayville residents have been told they are just too late to apply for assistance.
According to a new report from the Multiple Listing Service of Long Island both Suffolk and Nassau counties saw home prices rise by a little under 1% as of July. Rising equity may feel good to homeowners, and could help the wider LI economy. However, it could keep more hopeful home buyers out of the market. Rising home prices also mean rising property taxes.
All of the above highlight risks to Long Island residents. Floods and storms do present a danger, and many have lost their homes because of them. Everyone should be prepared, even though very few may ever be directly affected by them. But high property taxes, and incorrect bills are a threat to far more LI homeowners. These are issues that face virtually every home in Nassau and Suffolk County. For most this is a threat which could be far more likely lead to them losing homes than any natural or manmade disaster.
This should be on the annual checklist for all Long Island property owners, just like spring cleaning, dusting off the BBQ on the 4th of July, or contacting a CPA to help with income tax returns. Only for property taxes seek out a local Property Tax Adjuster.