Is Startup NY Hurting Long Island Homeowners?
Thursday, January 30, 2014
Is Start-Up NY actually hurting Long Island homeowners?
The massive national media campaign is underway to publicly call businesses to New York to enjoy major tax breaks. But is it actually doing more harm than good for Long Island homeowners, and where’s the tax relief for locals?
The big budget advertising campaign may be working to draw entrepreneurs and businesses to New York, but according to the latest round of statistics even the Hamptons are taking a hit as Manhattan lives it up on newcomers.
According to a new appraisal report released on January 23rd, 2014 homes sales in the Hamptons took a dive in the fourth quarter, with the median sales price following suit and tumbling 15%.
At the same time Manhattan reportedly set a record for sales in the same period, while giant tech firms like Twitter vie for space in the area’s extremely tight commercial market.
Sadly not every homeowner on Long Island may be in line to enjoy the new tax free zones. They will be the ones to pick up the additional burden be piled on. What’s worse is these are the homeowners already being slammed hardest in the country with unfair property taxes.
While the commerce boost to the state from Startup NY may be a great idea it seems a little ironic to do favors for the rest of the world and newbies, while punishing and denying relief to those that have stuck it out and built it.
Complaining alone probably won’t solve much. That leaves the only option for most of those being unfairly taxed in Nassau and Suffolk County with the option of leveraging the help of a Long Island property tax adjuster to file a grievance.