What’s happening with your property taxes now?
Property tax mayhem is still causing problems for New York property owners on all types of levels. Here are just some of the current issues and how they are impacting businesses and homeowners in the state. Plus, what you can do to minimize your own property tax bills and keep your property more affordable.
Rising Property Taxes
Coverage by WSKG reports that those living in Elmira, NY are being hit with an immediate 17% city property tax hike. The most recent budget which included this rate adjustment slipped through without even a vote on whether to approve it or not. Residents are not happy, yet it is a big warning of what can happen elsewhere in the state when property owners are not actively engaged in the legal process.
Higher Property Taxes for Going Green
While some parts of the US are demanding all new buildings be green and rely on renewable energy, the state of New York still has taxing authorities which are penalizing property owners for installing what should be money saving solar panels. The Evening Tribune reports that property owners are being hit with substantially higher tax assessments for installing solar power systems. Some of those families have seen a bump up of $18,000 to $22,000 in their assessment. Not all counties and cities may adjust similarly, meaning you could pay even more. Fortunately, those surveyed by the Evening Tribune say they were able to challenge and appeal property tax assessments successfully, and get them lowered.
The End of Tax Breaks for Condo Owners
Following a Syracuse.com investigation in May 2018, the New York State Assembly has passed a bill ending big property tax breaks for NY condo owners. Until now even single family homes that are identical to their neighbors have received huge breaks, if they are classified as ‘condos’. Analysts believe these owners have been saving at least $330M per year, or around 36% on what their neighbors are paying in taxes.
The Vending Machine Loophole That Saved One Owner $3M in Property Taxes
One highly controversial current tax break is saving some millions. Big breaks are being given to those who are operating properties with commercial and residential elements. One apartment building landlord found that putting just three vending machines on his property meant savings of around $3M in property taxes. Others are saving millions by renting out spaces for occasional parties or letting small businesses use small office spaces in an apartment building. Big cuts in tax assessed value as on one recent former IBM building can also mean passing all of those anticipated tax revenues onto neighbors.
You can get legal breaks as well, and avoid getting hit with unfair hikes - if you challenge your tax assessment and property tax bill with the help of Property Tax Adjusters, Ltd.