In a surprise move Nassau County’s new 2015 budget has been announced with a proposed 2.2% property tax hike. So what’s behind the looming spike in Long Island property taxes, and how can Nassau property owners avoid being hit?
Nassau County Executive Ed Mangano’s newly proposed budget isn’t being taken well. The 2.2% property tax rise, goes directly against the platform he was running on. An “unexplainably dipping” sources of revenue from sales taxes as well as “excessive police overtime costs” are being blame according to coverage by News 12 Long Island, and Long Island Business News. This comes on top of the 2014 change to New York estate taxes which will eventually raise the exemption from the $1M bar, and remove protections until it reaches over the $5M mark.
Ironically, a flurry of online comments from Long Islanders, who also feel insulted by the new $350 rebate checks, seem to blame high taxes for the entire situation.
Rapidly rising taxes, without improvements in jobs and wages can certainly lead to more crime. Higher commercial property taxes filter down to retailers and consumer prices on goods. Simultaneously these Long Islanders are being hit with rising property, income taxes, and healthcare costs at home. So they are spending less. Or according to some reports are doing their shopping outside of Nassau County.
An ongoing exodus means the county takes a further hit from poor property tax revenues, which adds to the mess zombie foreclosures are creating.
Packing up the car, and heading south to Florida for the last time, before the snow comes, can seem like an appealing option for many. However, there are three important considerations to make before you leave. Firstly, finding reliable income in Florida might not be as much of a breeze as many think. Secondly, if you get homesick the cost of coming back and finding a new home in a year or two (or even ten), could be far higher than many anticipate.
Finally, remember that most Long Islanders are still eligible to file a property tax grievance and have their property taxes lowered significantly. This alone could make a sizable difference in the pocketbooks of many Long Islanders. So investigate before you decide to escape…