Priced Out By Taxes? How To Slash Your Bills And Save Your Home
Thursday, July 24, 2014
Between unfair tax breaks and bills, and Google lawyers taking over real estate markets, some workers and families are being pushed out of their homes, and cities. How can homeowners defend themselves, and what can socially responsible landlords do to maintain affordable housing, without sacrificing returns?
A new bill extending tax breaks for charitable contributions, and potentially even extending the deadlines to obtain breaks by 3 and a half months is working its way through the system. This is great, but what about reducing the burden for regular folks so they don’t have to end up in a situation where they need charity and government housing?
Of course property taxes just seem to keep going up instead. Many could lose many more tax deductions if shoved out of homeownership. There goes the mortgage interest deduction, and many other possible tax breaks. That’s a double or triple hit to the wallet for those ejected into the rental pool. Though if some have their way the MID might go away anyway making owning a home even more expensive.
Then according to the media, we have Google lawyers moving into the real estate market and evicting tenants in rent controlled buildings. Comments on a New York Post article suggesting there is no constitutional right to live in luxury markets like NY, show many are only happy to push out lower income earners.
The result for many struggling with already high property taxes could be having to travel an extra hour for work, at greater cost, while paying more for a smaller place to live. This is happening right now.
This could all be avoidable for a large percentage of Long Island homeowners, if they would simply connect and take advantage of the help of local property tax adjusters, and get their property tax bills corrected.
Landlords could also make just as much money, but offer more affordable housing by lowering rent in tandem with the amount of reduced taxes they can realize by filing a tax grievance.