What’s going on with NY real estate and our property taxes now?
Are our property taxes headed up again? What factors might help New Yorkers find relief in their mail boxes? How can individual property owners keep more money in their pockets regardless of what is going on in the political arena?
New York Property Prices Soaring
Newsday reports that the final quarter of 2015 saw Long Island home sales up by 13%, and sales prices up between 2.4% and 5% depending on which county you live in. Bloomberg reports that when breaking out the Hamptons alone new records were set for $5M plus home sales, with a new average price of $2.38M. While these numbers may appear modest Property Shark reports that the median home price in 3 NYC neighborhoods jumped up by more than $3M last year. Intense demand for NY property, and surging prices is only going to push up property taxes for existing homeowners.
Rising NY Property Taxes
The Observer reports that property taxes in NYC’s five boroughs rose by around 6% in 2014 and 2015. Tax bills are expected to be higher in 2016 too. However, with new tax assessments of around 10% higher, property owners could be feeling even greater pain in their wallets. Even if tax rates don’t go up, if your assessed value goes up, you’ll be getting a larger bill. If both rise it is a double whammy. In late January, 2016 Mayor de Blasio was in Albany opposing property tax caps for NYC, which could curtail revenues.
Lowering Property Taxes One Home at a Time
New York property owners face many challenges when it comes to property taxes. A broken system reliant on property tax revenues, complicated politics, and billions of dollars in out of state and overseas capital catapulting property prices all seem to be bound to continually increase homeowners’ tax burdens.
However, many don’t realize that where most of the big expense comes from is inaccurate tax assessments and property tax bills. Almost one out of every two Long Island homeowners receives an inflated property tax bill each year. You may not be able to change the system, but you can appeal your own tax bill with the help of Property Tax Adjusters, Ltd. and fight unfair charges.