Will A NY Property Tax Freeze Actually Raise Your Long Island Tax Bill?
Thursday, December 26, 2013
Could talks of a proposed NY “property tax freeze” actually spike the bills of some Long Island homeowners?
Gov. Andrew Cuomo has been stirring up controversy again. Anticipating the first budget surplus since the recession Cuomo has posed that the extra cash could be used to implement a two year property tax freeze.
There are certainly many Long Islanders eager and in need of such a move. However, as always there would be catches and a few victims as well.
A property tax freeze would be an amazing thing, and would provide much needed financial relief for some. Yet, the Governor has also mentioned that it is being considered in line with incomes. So not everyone would get it. It has also been posed that any property tax freeze would only go to areas which did not bust the 2% tax cap, and we know quite a few have.
So what happens to everyone else that falls out of these sweet spots? They could well be lumbered with making up some of the slack.
Then of course there are plenty of opponents to a New York property tax freeze. This will certainly include those pushing for increases in school related taxes, as well as those advocates of government controlling charitable and community improvement initiatives versus direct help.
However, what is perhaps most critical in all of this and no matter which direction it goes in the end, is that it doesn’t fix the main issue. This is the property tax assessment system. Ultimately even those with a temporary break could be hit with an even bigger shock when it thaws. This perhaps makes it even more critical for Long Island homeowners to getting help adjusting their bills now and fixing their assessments.