The Ugly Side Effects Of Long Island’s Broken Property Tax System

There are many excuses given for Long Island’s ultra-high property taxes and broken tax systems. Few really hold up when you think about them. These are just some of the ugly side effects of both outrageously high property taxes and a flawed system that no one ever really fixes.

Rising Housing Costs for All

Ever rising property tax bills don’t just touch rich homeowners. They mean that rents must go up too. Otherwise landlords simply won’t be able to afford to maintain their rental properties. If they can’t do that, then the government will seize properties. They will have to manage them, and raise more taxes to do it. They are also notorious for operating far less efficiently and more expensively than private landlords. It’s bad for renters and their families.

Driving Residents Out

High property taxes often seem to be used to drive residents out for the benefit of a few. Though this normally means driving the best ones out. Those who care about their neighborhoods. The result is zombie homes. Then in turn, declining property values and more taxes. Not ot mention lost talent. Loss of the best teachers, professionals and public servants.

Driving Business Out

High property taxes mean businesses must raise prices a lot to pay their rent. Local coffee shops and diners can’t afford tens of thousands of dollars in property taxes each year. Not unless you want to pay $50 for a cup of drip coffee or a hard boiled egg. So you get more expensive shopping, fewer local owners, less services for those who stay, less attractive neighborhoods for future residents, fewer jobs, higher crime, and zombie properties.

Preying on the Poor

High property taxes are really about preying on the poor, as they are first to lose homes. It’s scaring away the rich too. At least those with common sense.

Add in all the waste and inefficiency of agencies managing this money and process, who just raise taxes instead of innovating, improving, and spending smarter – being honest, if taxing authorities were a private company they would be bankrupt and their executives would be in jail.

Summary

The Long Island property tax system is broken. Relying on constantly raising property taxes is a broken way of thinking, and it’s hurting everyone. It’s a downward spiral just keeps fueling itself. No one that gets in the position to do something about it seem to really want to fix it. The best option? Given the amount of homes that have gone up for sale recently and empty retail stores all just sitting on the market that no one wants to buy, it may be too late to get out. Just make sure you appeal every year to keep your taxes in check. Don’t overpay, especially with values going down.

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“I have saved on my own real estate taxes for many years. As well, any clients I have referred have also saved on their taxes and advised they were very happy with the service and results received from Property Tax Adjusters. It is without hesitation that I refer interested persons, friends and clients alike, to Property Tax Adjusters for assistance on reducing their taxes.”
Herbert G. Pitkowsky, Esq.