New York Remains A Tale Of Two Cities When It Comes To Property Taxes
Thursday, June 5, 2014
NY continues to see incredible, if not widening disparity between the property tax rates being assessed on homeowners. So why the unfairness, and what can Long Islanders do to fight back?
The recent economic and real estate forum in Washington, DC saw the Chief Economist of the National Association of Realtors laying out how far new home prices are surpassing and distancing themselves from existing home prices. This means they are disproportionately pushing up the taxes on older properties of comparable size and rooms, even though they would be selling for much less on the open market.
Meanwhile The Real Deal reveals the wealthy Donald Trump getting “big concessions” on his $236 million Bronx golf course development.
Even associations on Long Island have been accused of manipulating the system for subsidies and blocking most needy pool of Nassau County renters from affordable housing access.
This all pushes the property tax burden on the rest of the population, impacting those that are hurting the worst, the hardest. The real data has shown that foreclosures and distressed sales are actually up in NY, and real retailer home buyers aren’t buying despite interest rates diving again, even though this is supposed to be peak home buying season. Bloomberg News reveals that even Manhattan condo prices have been imploding, falling the most in 3 years in April 2014.
Despite the obvious issue with homes being assessed too high, there can be many faults in property tax assessments including size, features, and number of rooms. Fortunately there is help for fighting back. Property Tax Adjusters, LTD. can help Long Island homeowners battle unfair property tax assessments and lower bills.