What are the five best ways for Long Islanders to use their NY property tax rebate checks this fall?
The first round of NY property tax rebates is on its way to Long Island mailboxes. The Tax Department began mailing checks for $350 for family tax relief to those that qualify in late September 2014. Geoff Gloak, spokesman for the New York State Department of Taxation and Finance estimates the average homeowner will see a total rebate of $656 over the life of the program. Others that are leverage the help of Property Tax Adjusters, Ltd. are slashing their Long Island property tax bills by far more.
Obviously the government hopes the checks will spur consumer confidence, generate warm feelings ahead of elections, and most importantly create more spending to boost economic figures. So what are the best ways to use rebate checks?
- Charity
Even though many have become more charitable, charities and nonprofits have been getting starved out by the economic lull and giant private equity funds. This can be a great opportunity to give to the causes you care about most.
- Pool Money to Buy Distressed LI Property
One of the biggest issues affecting Long Island homeowners has been zombie foreclosures and abandoned properties. Big funds have been scooping up many of these properties, while local government has begun tearing down thousands of them at a significant expense. What happens to these properties will be key to the future of Long Island and will significantly impact the property tax bills and property values of local homeowners. If locals collaborated together they could acquire some of these properties and improve them. Some could be renovated and turned into profitable rental properties, others could be leveled and become community green areas and parks, or even be rebuilt as community centers. Another alternative may be simply to upgrade something in your own home or spruce up your curb appeal a little.
- Save for Black Friday
Resist the urge to splurge on the new iPhone 6 and other luxuries at top of market prices, or over the top Halloween decorations and candy. Save those dollars for sweet Black Friday sales and make it go a lot further.
- Invest in a Sustainable Business
Why not invest in a new sustainable business. One with a charitable mindset and that is out to do some good as well as helping to decrease reliance on public funds, and so decreasing the budget needs and property tax increases in the future?
- Boost Your Retirement or Relocation Fund
New York foreclosures have been rising dramatically, and core economic fundamentals haven’t been keeping up the pace. For many this might mean needing to move faster than you think, especially with rising property taxes and other housing costs and layoffs continuing. Consider putting that cash into a rainy day fund or tax deferred retirement plan of your own and letting it grow.
If you haven’t received a NY property tax rebate check, or just feel insulted at how small it was given how much you have been paying in property taxes contact Property Tax Adjusters, Ltd. to find out if you are eligible for having your taxes reduced even further.