The chance at some relief from property tax bills for Long Island residents may be in the works, but is this a case of far too little for too few as local taxes are really hiked even further?
Those watching the news may have seen announcements by Mayor Bloomberg promising a property tax extension and possibly even a partial rebate for NY homeowners affected by hurricane Sandy. However, this could end up feeling like lemon juice in an open wound for many who see their tax bills sky rocket.
Suffolk & Nassau County Property Owners Already Paying Too Much Tax
Some have estimated many homeowners across the country have already been paying double in property taxes than they ought to be. This is certainly a case highlighted in Nassau and Suffolk County, NY where property values have been declining and the assessor’s office hasn’t caught up yet.
According to the Congressional Budget Office “property-tax adjustments lag behind changes in home prices by an average of three years”. While there have been some improvements in the local real estate market, in some zip codes, many haven’t felt it yet. In fact, according to the Multiple Listing Service of Long Island, local home prices fell from August to September this year and again by a further 2.7% between September and October 2012.
At the same time locals have already seen tax increases prior to super storm Sandy. Those in Long Beach have already been paying surcharges to help shore up a government deficit, while critical services and personnel have been cut.
Unfortunately, few may be aware of just how bad it could get, very quickly…
Be Ready For A Serious Tax Hike
As many hard hit Long Island homeowners are already discovering, their insurance companies aren’t going to be much help in the wake of the storm and even those who do get claims paid likely won’t see a fraction of what it will really cost to repair or replace the damage.
A proposed tax rebate and extension may sound great but even if approved the plans only assist those ‘red-tagged’ properties.
This will unfortunately far outweigh any help which does get handed out from the government.
Where Can Long Island Residents Find Shelter From A Property Tax Storm?
Luckily there is help to be found.
Property Tax Adjusters have been helping Nassau and Suffolk County homeowners to reduce their property tax bills and fight back against incorrect and unfair bills for years.
However, regardless of what extensions or promises may be circling, Long Island residents cannot afford to just sit back and hope it arrives in their mailbox automatically.
Don’t be the one caught out and be left paying everyone else’ bill!