As we grapple with the COVID-19 pandemic, how can Long Islanders get help with their property tax bills?
America is a country in crisis. As a nation we will make it through and come out stronger. That is especially true of New Yorkers.
That doesn’t mean there won’t be a lot of tragedy and suffering on the way. We’re seeing record unemployment levels just a couple of weeks into the crisis. Those who haven’t lost their jobs or businesses yet are likely to be facing a loss or stalling of income. No one should be counting on a government bailout or stimulus check until they actually get the cash in their hands.
Property taxes are one of the most important bills all property owners have. If you don’t pay your annual property taxes the fees and fines and interest can add up fast. That can make it almost impossible to catch up. You may even lose your property for the small amount owed in past due property taxes faster than defaulting on a mortgage loan.
Get ahead by lowering and deferring as many other monthly payments as possible. Free up that cash and savings to pay your property taxes. Even if you have a seemingly comfortable emergency cash cushion right now, we just don’t know how hard things are going to get and how long it will last. What we do know is that this financial crisis is probably going to be the worst most people have ever lived through.
Talk to your mortgage lenders to ask for a break on your monthly payments. You should be able to negotiate up to four months of deferred payments. Though you will probably have to keep paying the escrows to ensure your home insured and the property taxes are covered. Or you could find yourself too far behind to catch up.
On the bright side, there is already an extension on filing federal income taxes. There may be one coming up on paying property taxes and school taxes. Home values are stalling and preparing for a steep decline.
Talk to the experts at Property Tax Adjusters, Ltd., and find out how much you can save by challenges and getting your property tax bill adjusted now.