Valentine’s Day 2019 is almost here. Long Islanders may not be feeling the love from their property taxing authorities this year. Here’s how to carve out a little more room in your budget to pamper yourself and find the surplus to splurge on those special Valentine’s Day gifts you really want to give…
The Tax Cap
While many locals are likely still trying to figure out what ‘tax cap’ there really is considering their bills keep going up, the Long Island Association is pushing the state to make the current cap permanent. Without it Long Island Business News says local property tax bills would go up an average of almost 60% per year through 2025. That’s an increase of almost $3,800 per year in taxes for those in Suffolk County and over $4,200 per year for those in Nassau County.
The latest budget proposal from Governor Cuomo disqualifies all Suffolk and Nassau County towns from receiving AIM funds. For Hempstead alone this means a loss of $3.8M or more annually. Amounts that were already calculated and expected in local budgets. New and higher taxes would likely be needed to cover these shortfalls.
New Nassau County Property Tax Assessments
With just a few weeks to challenge them, Nassau County has implemented a new countywide tax assessment roll, impacting every residential and commercial property. Many locals are reporting their bills are going up by as much as 50%. According to News 12 Long Island the county legislature’s presiding officer anticipates around 200,000 owners to file property tax grievances in Nassau County, saying “I think there’s no faith in this process that it was done correctly.”
Show Yourself Some Love
The good news is that you still have the right to grieve your property tax assessment and bill. Give yourself some financial slack. Then use that surplus to treat the people you love too. Just make sure to tell them about Property Tax Adjusters, Ltd., so they can appeal their taxes too!