Just when we thought all of the pandemic restrictions and unprecedented policies impacting private property owners may be over, they’ve come surging back. What will the latest foreclosure moratoriums and eviction bans mean for you and your property taxes?
New Eviction Bans
Despite having been already ruled unconstitutional, and having no authority, as well as very low rates of renters being late on payments, the CDC has worked with the Biden administration to institute a brand new eviction ban.
This new ban is set to last until Halloween 2021. That makes it unlikely anyone will actually be evicted for not paying their rent until at least 2022 or later.
This is on top of NY’s already crippling and difficult eviction rules for landlords. And while billions of money that has been paid in by taxpayers remains denied those in need and sits in the hands of different levels of local government.
New Foreclosure Moratoriums
The CFPB and FHFA have together created new rules for mortgage servicers of federally backed mortgages. Effectively this creates a new foreclosure moratorium until 2022 as well.
Please note that this does not help if you are late on your property taxes or can’t afford recent increases. The government will still foreclose on you, kick you out of your home, and auction your property off for a profit, or pennies on the dollar.
This suggests new massive bailouts or maintenance may be needed on a national, state and county level. You’ll pay for that through more income and property taxes.
Your Property Taxes
Despite Sales tax revenue alone being up 60% on Long Island this year, along with other new and rising taxes, property taxes have been going up dramatically as well. You will still lose your home, even for being even a few dollars late on paying them.
You must reduce your property tax assessment now to avoid raging annual bill increases as tax rates go up.
Challenge them now, reduce your bills and preserve your properties.