It hasn’t been fun being a Long Islander for the past few years. Soaring property taxes and even more tax debacles proving that things just aren’t getting fixed has shined the light on everything not so great about owning a property here.
Of course, no one wants to leave. Many are due to the high taxes. For the optimists out there, here are six ways your property tax bills could go down next year if you can manage to hold on.
1. Storm Damage
Okay, this is not a pleasant one, but with the Atlantic storm season back in full swing through November, there is a high chance of more Long Island homes taking a hit this year. If your home or property’s value is damaged by the weather, you can request a reassessment, leading to a lower tax bill.
2. Foreclosures
Foreclosures appear to be on the rise again, and when neighboring properties within 1 mile of yours get auctioned off cheaply, that brings down the value of your home. Again, another reason you have to fight for a lower property tax assessment. ATTOM Data recently released a report showing over 5.2M homes in America are now in deep negative equity situations. Along with those falling behind on mortgage payments, this could create a whole new wave of foreclosures over the next year.
3. The New Recession
While there are a lot of claims about the economy being strong right now, most seem to feel we’re heading into a new recession. With a stock market bust, lost jobs, and all the other side effects, more Long Islanders are likely to be selling their homes cheaper. Again qualifying you for a reduction in assessed value.
4. Mortgage Lenders are Tightening Up
Mortgage lenders and government agencies have again been tightening up on lending. Expect this to continue as homes keep declining in value and default rates climb. Fewer qualified buyers mean property sellers having to further lower prices. According to Zillow most of the local market will peak and begin to fall within the next 12 months. This may be most notable in places like East Garden City where average home prices are already down an average of $70k. As well as Southampton and Bridgehampton as well as Shelter Island.
- More Businesses Quitting & Leaving
It’s not just people in exodus from high property taxes in Nassau and Suffolk County. Businesses are leaving too. Amazon didn’t even get their feet wet before fleeing. Less businesses mean fewer jobs, declining lifestyles, and reduced commercial property values.
- File a Property Tax Grievance
There’s around a 50/50 chance that you property tax reassessment is already incorrect and you are being billed too much. Let Property Tax Adjusters, Ltd. review your assessment and help get your property tax bills lowered.