Long Islanders who are unhappy with their property tax bills ought to be glad they aren’t living in Chicago right now!
The Perfect Storm
While most destinations are concerned with driving down taxes, Chicago residents are about to be slammed with a barrage of higher tax bills. The mayor is currently pushing for a $500 million property tax increase to help the city avoid following the footsteps of Detroit. Not only is Chicago $700 million in the hole this year, but the state is also in the middle of a budget crisis. Fox News suggests this will bring even more tax hikes. That’s on top of Cook County bumping up sales tax to being the most expensive in the country at over 10%. Additional proposed taxes are being posed for garbage pick-up, and on businesses that pay less than a certain wage. The real icing on the cake is pushing teachers to take a 7% pay cut; reducing their income, while increasing the chunk of expenses that goes out to taxes.
America on the Move
The tax storm hitting Chicago could certainly drive more individuals and businesses to New York. With news of home prices softening in NY and DC it could be good timing, and an opportunity to get into New York properties while property taxes should actually be on the decline.
Meanwhile many New Yorkers continue to dream of cashing out on their lofty home prices in exchange for sunny Florida. Florida may have many tax advantages, but it isn’t perfect either. The headlines of one SW Florida paper in September 2015 recently posed the most effective path for lowering property taxes in the Sunshine State might be turning efforts to fighting corruption. Corruption in contract bidding and rigging, as well as the usual government inefficiencies means property tax bills than needed. Given our own scandals over the last few years this is an issue Long Islanders can definitely relate to.
Finding Shelter in Place
Moving can be a very attractive solution for those with little work or family ties. Yet, for most, as hated as property taxes are, it is hard to drag themselves away from their neighborhoods and communities. Fortunately there are several rays of hope for Long Islanders not eager to move. New tax free zones, or lower taxed properties might be worth looking at nearby. Those seeing local home prices dropping can also recruit the help of Property Tax Adjusters, Ltd. to ensure their assessments reflect lower values, as well as fighting back against the worst, and most common type of fraud – inflated property taxes bills.