During a time in which many local governments have been raising property taxes to cover what they say are desperate budget needs, it may seem odd for them to be simultaneously purchasing more Long Island real estate. Yet, towns and counties have spent more than $100M scooping up extra parcels in recent years. In some cases this is a legacy of Sandy damaged properties. In others investigative reports question the ethics of purchases which essentially expand wealth owners’ backyards, while slashing their property taxes and putting millions in their pockets.
Holding these properties costs money, increases budget needs and require ongoing maintenance, staff, and investments in improvements. It may eliminate some private properties and structures which were providing tax revenues. Now more burden will be put on all local property tax payers
We all know how important and beneficial more green space should be. We probably don’t have enough in NY. The question is if there are smarter and more financially wise methods of protecting and regaining it, which really help locals.
Green space can be good for the environment even if you don’t step foot on it. Preventing risky building on land which is prone to natural disasters may be smart and keep down costs for cities and counties over the long term, while keeping residents safer. However, buying up lots for millions of dollars, that will need expensive ongoing maintenance or which don’t really offer access to local taxpayers due to the layout, and which only mean they end up working extra jobs to pay for the taxes without ever being able to enjoy them or take their kids there doesn’t seem to make a whole lot of sense either.
Intelligent questions to ask may include how we can preserve the green and public spaces we have without spending millions on more, how we can encourage more wealthy private individuals to donate and maintain public spaces themselves, and how we can reasonably require and incentivize private corporations to maintain public and green spaces for the benefit of everyone, without increasing the property tax burden.
Don’t have time to wait for all these issues to be worked out to lower your property taxes? Contact Property Tax Adjusters, Ltd. today to get help appealing and lowering your property taxes.