New investigative reports, real estate data, and lawsuits reveal dramatic inequality exploding in NY property tax assessments.
The vast inequality and different treatment of individuals and taxation in New York appears to have grown to whole new proportions according to several new reports. The data shows those that have continually exercised their constitutional right to appeal their taxes have been winning. Yet, those that have failed to take the help offered are bearing a bigger and bigger tax burden.
CBS New York reports that a group of 150 homeowners in Scarsdale is suing authorities after a massive shift in assessments and bills. Previously the ultra-wealthy 1% in the area had grieved higher taxation. The numbers show that this group effectively reduced their tax bills. Those who did not are now paying thousands more in property taxes each year. One home previously assessed at $3.75M had its assessment reduced to just $750k. That resulted in an annual savings of $13,750. Another home in the village which didn’t appeal before saw its assessment rise by $250,000 (almost 25%), and is now being taxes at $5,400 more per year.
According to a Newsday report, Nassau County on Long Island is home to some of the worst disparity in the state. According to the investigation the 61% of residents who appealed their taxes has limited their tax increase to just 5% over the last 7 years. In contrast the 39% who did not appeal have seen their bills go up 7x as much, or by almost 40% in the same period. That is almost $3,000 more per year the average owner in this group is paying.
You can use this tool to see how your Nassau County property tax bill compares to others.
The bottom line is that the tax system continues to rage out of control, yet those who are appealing are seeing great tangible benefit in their bank accounts. Those who are not are paying a very high price. Take your stand today and get help adjusting your taxes.