Challenging property tax bills works. It saves New Yorkers millions of dollars each year. It’s an extra step we have to take each year, but it is so worth it.
New York City alone collects almost $30B in property taxes each year. Brooklynites are saving as much as $60M each year by challenging their property taxes. Around 48% of all those on Long Island qualify to have their property tax bills each year. If they challenge them.
With almost half of all property tax bills sent out each year being overinflated, there is a high chance that you’ll be far overpaying each and every year, unless you challenge them. The savings are proven. Even those who can afford to overpay should certainly do this to find more prudent uses of that money. You can even donate it to more effective causes, pay someone’s college tuition or help someone else keep their home by helping them with their property taxes if you really have no use for the money.
Tax authorities don’t really fix the system because they count on many failing to challenge their tax bills, and bringing in all that extra money. It’s worth billions of dollars in over payments each year.
Even when they know they’ll have to fork out rebates, money collected upfront essentially means free borrowed money and making the numbers look a lot better in short term statistics.
The right we all have to grieve our property taxes can sometimes seem to be an excuse for the system not to be fixed. Individual developers get millions of dollars to make money, just by asking for tax breaks. Though, every business property owner and homeowner in Nassau and Suffolk County can get breaks too. You just have to ask.
Looking at the long term, we know we would be better off with a fairer and less crooked tax system. It would solve affordable housing, create jobs, and more. Though, in this social media driven age, few are thinking about the long term. This means the system is unlikely to ever really change. Meaning we must challenge our own bills.
Stop being conned into overpaying or being lax about being taken advantage of for thousands of dollars each year. Appeal your property taxes. Use your rights. Save and better use your money.