NY Governor Authorizes New Property Tax Extensions

New York’s Governor Cuomo just signed a new approval to allow local governments in the state to extend property tax payment deadlines. Even if they choose to use this opportunity to help property owners, is it another case of too little, too late?

Are New Property Tax Payment Extensions Coming?

On June 8th, 2020 Governor Cuomo authorized local authorities to choose to extend property tax deadlines for their constituents due to COVID-19. 

Unfortunately, that does not mean that all will. Especially as many are already complaining about budget shortfalls.

It is up to individual taxing authorities. Those who do get the break should definitely use the opportunity to challenge their tax bills and assessments.

Too Little, Too Late?

As with most tax related changes in NY, this too could be too, little too late. Though that could be better than other promises of change that have led to more predatory taxation and even higher bills, like Nassau County’s new tax assessments.

After all, what are a few more days break really going to do for business and homeowners, given how much taxes are going up. The NYC finance department recently released its new tax rates. They are now over 21% for Class 1 properties. In Nassau County, residents have see tax bills rise over 50% in 2020. That was even before the coronavirus.

Now claims of billions of dollars in budget shortfalls could send property tax rates and bills soaring more than ever.

Riots Ruining Hopes Of Return To Normal

What the coronavirus restrictions didn’t accomplish, the riots have certainly taken over. Destroyed streets, public spaces and businesses across New York, and dramatically increased need to spend on policing this civil unrest seems only likely to lead to even far higher tax rates and bills. Add that on top of income challenges from shut down and burned out businesses, and lack of visitors, and many are going to be feeling the financial pinch. 

The best tool in your arsenal to fight back against unfair and high property taxes is still appealing them with the help of Property Tax Adjusters. Use that right and opportunity while you can.

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