School taxes and property taxes appear to be heading up again. Who is getting hit the hardest? What can you do about it?
Despite all the talk about helping Americans by lowering or capping tax increases, it only appears to be getting more expensive to live and own a home.
School Taxes Rocketing Again
Long Island school taxes are set to rise at their fastest pace in the last five years for 2018-2019. The state comptroller’s office reports school taxes are going up 1-4% this year. Nassau County taxes are planned to rise an average of 2.42%. Suffolk County residents could be hit even harder, with an average increase of 2.78%. School taxes can make up around 60% of overall property tax bills.
Property Taxes
Even though local governments have expressed concern that high property taxes are negatively impacting their local economies and ability to attract and retain businesses and residents, these tax increases don’t appear to be slowing down at all.
NY already has notoriously high property taxes. That trend isn’t likely to change anytime soon. Even on the outskirts of Austin, TX, Williamson County residents saw property taxes up 15% last year. That’s nothing compares to the 38% rise in Clark County, NV, and is not even in the ballpark of what Jersey City residents are dealing with right now. Jersey City property owners are dealing with a massive leap in property taxes, at an almost 75% hike. That taxes the average annual burden from $16,591 to almost $30,000. Even at $12,000 more per year, that adds $1,000 more to the cost of owning a home each month. With inflation rising on many other items, and few workers receiving a 10% pay raise each year, this could definitely squeeze many professionals and families hard.
In New York, those who have failed to exercise their rights to appeal their tax assessments have seen their bills go up dramatically faster than their neighbors. Those who have failed to pay could be among those seeing their tax liens going to auction by the NYC Department of Finance this May. Find out if your house is in jeopardy of being sold off here.
Eliminating Options
Unfortunately, many homeowners are also finding their options to offset and reduce their exposure to taxes are disappearing as well. The new tax bill could leave many paying double taxes, and shelling out thousands more to tax authorities each year.
Long Island towns like Southold are also getting tougher on short term Airbnb style leasing which many have used to offset rising housing costs. Southold is getting serious about prosecuting violators who have ignored the ban and warnings.
Fortunately, Nassau County residents still have until April 2nd, 2018 to appeal their tax assessments and bills for 2019-2020. Get in touch with Property Tax Adjusters Ltd. now to avoid the big tax hit coming, and save thousands instead.