We clearly appear to be shifting into a new phase of the economy. How is it likely to impact your finances and your property taxes?
The 2022 Economy
Executives have reported to the Federal Reserve Bank of NY that they expect inflation to remain high through the rest of 2022.
That’s in spite of, or possibly partly also due to the Fed embarking on a new interest rate hike spree.
Gas prices are certainly a great example of this. With gas prices hitting $10 a gallon in Washington State, gas stations are running out of gas. The NY Post says gas rationing may become more widespread.
American consumers have already been responding to recession fears by slashing spending. Which in turn seems to have led to diving stock prices, and panic sell offs.
Recessions are normal. They are just a part of the economic cycle. Even worse than a recession is the more feared Stagflation.
According to coverage by the Long Island Business Network, Treasury Secretary Janet Yellen has just warned that the side effects of the Russia Ukraine situation are likely to lead to stagflation and hunger.
We’ve already seen the baby formula shortage problem. In which we are not just facing higher prices, but nothing to buy.
Stagflation means the economy goes stagnant, and inflation keeps on boosting prices of goods and services.
This means everything becomes more expensive, while investment performance declines, jobs are hard to come by, and incomes drop.
This makes it essential to budget for both sides of this equation. Both a decline in your income and value of your savings and assets, and higher living costs.
We also now seem to be living in a new era of never ending crises. Whether real and urgent, or dramatized for the media and market manipulation. The most recent being the top headlines in mid May highlighting Congress meeting on UFOs, and potential injuries from advanced alien technology.
Annual property taxes are likely to be driven up even further by these factors.
New York property owners should have already become accustomed to their annual property tax bills going up every year. If not due to rising property values, then property tax rate increases.
Expect this to only be compounded by inflation and stagflation.
It will be used to justify tax hikes for many line items in your bill.
Fix Your Property Tax Bill Now
Around half of all property tax assessments and bills are already wrong. If you haven’t challenged and appealed yours already this year, the chances are very high that you are already overpaying.
It is smart to get ahead now. Especially when your insurances may also go up 30%, and PSC and Con Edison are forecasting NY utility prices will rise by another 12% this summer.
Have Property Tax Adjusters, Ltd., help review and lower your bill now…