Netflix’s popularity and stock value recently took a huge plunge. The same cause and effect could be coming to NY. Find out what it means for your property taxes, and what you need to do about it.
The Netflix Effect
Once popular and globe dominating streaming service Netflix, has finally found its approach to its customers biting it back.
Despite demand for streaming videos at home booming over the past year, Netflix has seen its performance nose diving in the other direction recently. Instead of seizing on the opportunity to add value and attract and retain more customers, they took the opposite approach. Instead, they raised prices on their most loyal customers, as they struggle to find much new to watch. They’ve been demanding they pay more, for less value and service. It never feels good when you are on the customer end of that, does it?
It should be no surprise that it hasn’t been working out too well for them. The company has now fallen from having around 90% market share in this space, to just around 40% market share in a pretty short period of time. The news of these massive exodus of subscribers in the news has also resulted in a steep dive in their stock price. Even though the rest of the markets seem to be booming.
Your NY Property Taxes
You have probably already caught onto the similarities between Netflix and your taxes in NY. Even more so if you live on Long Island. Over the past year, the value received in services for taxes paid has nose dived, or been non-existent in some cases. Yet, not only have taxes been going up a lot for the loyal that have stayed through it all, more new taxes and fees seem to be taking a bite out of local property owners’ finances. You’re getting less, while paying a whole lot more.
This is only compounding by other types of inflation affecting your finances and restrictions.
What’s Next?
Of course, the hope is that eventually it will correct itself. As more residents and businesses ‘unsubscribe’ and leave, prices and taxes will eventually fall. Just don’t hold your breath that it will happen anytime soon. it will take people standing up to it. Especially, as in the meantime, the temptation can be to take advantage of those who are left with even more taxes to make up the loss in revenue.
So keep voting, but challenge your property taxes. Chances are high that your bill is flawed and overblown already. Don’t put up with that.