With continued tax increases and new taxes, NY seems to be forcing an exodus of many residents, property owners and businesses. For those that can afford to wait out the correction it could be good for you, in the end.
If you choose to live in or own property in NY, you are signing up for a lot of taxes, and ongoing tax increases.
In addition to the recent massive and widespread property tax increases in Nassau County on Long Island, it appears residents are also facing the threat of higher state income taxes, and new taxes on financial transactions. All while Bloomberg reports it is unlikely the current administration is going to repeal the SALT tax caps after all.
This is on top of steep inflation in daily living expenses, skyrocketing water bills and more.
So much so that some landlords who cannot collect rent on their properties or evict non-paying tenants have moved into tents to camp on their own properties according to one news story.
The Big Exit
Countless wealthy individuals, families, and iconic companies have already fled this tax armageddon. Now even the New York Stock Exchange says it may be relocating out of state due to newly proposed taxes on financial transactions for those who have still been able to afford to save and invest.
This decision is made easy as many are being lured to low tax areas that are even paying them to come and offer a whole lot more freedom, in addition to more house for the money, and much lower daily living costs.
If you are among those planning to leave, make sure you appeal and fix your property tax assessment and bill first to make your property more competitive and appealing for sale.
If You Plan To Stay…
There are many reasons to stay. No matter the cost, some just don’t want to leave their family and neighbors behind.
Eventually this exodus and lack of demand for housing and business property here could bring down property values and in turn taxes. Unless they are just hiked inline with declining tax receipts. Though public service expenses should be lower with less people. Most don’t believe we are set to become the next Detroit, even though some have said even San Francisco is already headed that way, only with better weather.
Until those taxes do come down, be sure you are challenging and stop overpaying on your annual property taxes to cut those unnecessary expenses to handle other rising costs in the meantime.