Long Islanders Work Almost 1 Month Extra to Pay Surging Taxes
Friday, May 10, 2013
It now takes Long Islanders almost 5 months of work to cover their annual tax bills. If that seems excessive to you, what can you do to change it?
Tax Freedom Day was celebrated by most of the nation back in April. However, New Yorkers had to wait almost 3 weeks longer than the national average to join in the ‘party’ this year, only falling behind CT out of all 50 United States.
Tax Freedom Day marks the point at which workers are considered to have earned enough to pay their annual taxes including federal and state income taxes as well as property tax bills. If you live on Long Island that means almost half the year is worked, just to pay taxes!
On a national level this day came 5 days later than in 2012 which experts put down to a combination of rising taxes, the fiscal cliff and tax on investment income due to the ‘Affordable’ Care Act going into effect. Obviously with the surge in property tax rates on Long Island the amount of time it takes to reach this point each year is only likely to be extended.
In fact recent rankings by the Tax Foundation have put NY at the bottom of the country for business and personal taxes. This is certainly drawing business and residents away, and that is only increasing the tax burden on those sticking it out in Nassau and Suffolk County.
That would probably be fine for the area’s top earning, extremely wealthy residents, if public services were flawless and property tax dollars were being well spent. Unfortunately that seems to be far from the case, with mismanagement, corruption and disparity in tax bills appearing to be the status quo today.
Fortunately some are clawing their way back by fighting unfair taxes by filing property tax grievances. Sadly, for 2013 property taxes, Long Island residents are fast running out of time, with only until May 21st for Suffolk County property owners to file.