While the COVID-19 pandemic has certainly been a source of stress and heartache for many, there is a silver lining. It could mean you are eligible to save many thousands of dollars on your annual property tax bills.
Before The Outbreak
Before the virus outbreak and ensuing orders to clamp down on its spread, the financial outlook was looking pretty grim for Long Island property owners. Especially those in Nassau County. The county had recently reassessed all properties for tax purposes, at incredible highs. Long Island News 12 estimated 53% of property owners would see their bills rise this year. Some by over 50%.
Things have changed.
How The Long Island Property Market Has Been Infected
Suffolk and Nassau County home sales plummeted in March as the virus spread and lockdowns were ordered.
That’s a trend we’ll continue to likely see for the foreseeable future. Even if the US economy is fully open by June, many won’t be able to afford to move. Many won’t trust the market. Even Chase bank has shown its weakness in declaring no more home loans for buyers without at least a 20% down payment and 700 credit score. So, even many of those who want to buy, won’t be able to. Some exceptions may exist for those downsizing and moving out of urban areas in preparation for the next pandemic.
This problem will also persist for those who own second homes, vacation rentals and business property.
For many, income will remain stalled. Yet, they won’t be able to afford to sell and liquidate their properties either.
Your Property Taxes
You may be able to get a break with many other creditors during this time. However, you can’t stop paying your property taxes. Not unless you want to lose your home and everything else.
This is a bitter pill for many Long Islanders. Incomes and net worths are going down. Yet, their property tax bills are larger than ever.
On the bright side, one of the main side effects of the above is that your properties are now probably worth significantly less than in January. Your residence, income properties and business premises. This will probably keep sliding before it gets better.
This is just one of the factors that can qualify you for a much lower property tax assessment and bill. Use this chance to appeal, slash your bill, and get a new lower basis for future tax bills.