Why We’ll Never Be Free From Property Taxes
Saturday, July 18, 2015
For Long Islanders high property taxes are here to stay…
For Long Island home buyers, owners, and real estate agents property taxes are among the biggest pain, and most hated tax. On the other hand they are one of the favorite sources of revenues for government. So why can’t we shake free of them? How can New Yorkers minimize their taxes?
While property taxes may be among their highest on Long Island, they are continually among the most hated taxes worldwide. At least with the exception of those destinations with no annual property taxes
. But a new report from the Huffington Post declares that for all the reasons real estate professionals and home buyers hate ‘the inevitable, indispensable property tax
’ there is a reason that those collecting them love them.
4 Reasons Property Taxes Won’t Go Away:
How to Minimize the Burden of Property Taxes
- They are more predictable than other types of tax revenue
- They make up such a high double digit percent of budgets they can’t be let go
- They provide a way for government to control property (like an infinite lease)
- Someone will always be willing to pay them, no matter how high they go
Various temporary breaks, sweetheart deals, and even rebate checks are often given to win voters and reduce protest. But even though it has been proven that we can survive and thrive without property taxes, they are just too good to let go for those collecting them.
So for property buyers and owners in expensive zones like Long Island, NY it is a matter of finding ways to minimize those taxes.
5 ways to accomplish this include:
- Move to lower tax areas
- Buy or maintain smaller properties with lower tax assessed values
- Claim all of the property tax exemptions you are entitled to
- Offset these taxes by lowering other taxes. For example using IRA contributions and mortgage interest deductions
- File a property tax grievance and get your property taxes reduced