Property owners on Long Island already know how important and valuable it is to appeal their annual property taxes. Yet, challenging and demanding a tax reduction is just as important for banks and private mortgage lenders too.
The Taxes Just Keep On Rising
We seem to be in at least a new four year era of extreme taxation. New taxes and tax hikes keep on coming from all angles. That is only compounding NY’s long running history of property tax hikes and abuse.
On top of this those eager to sell out and move out are being faced with more taxes if they chose to and can.
Meanwhile landlords are facing the fact that they can’t raise the rents to offset tax hikes, nor evict occupants who aren’t paying to be there.
Mortgage lenders and note holders are similarly dealing with the fact that many borrowers haven’t been paying and cannot yet be foreclosed on. That could stretch on for years.
The Importance Of Property Tax Appeals For Mortgage Lenders
If borrowers are unwilling to make payments, you as the mortgage owner have to protect your assets. That means protecting seizure for non-payment of property taxes.
Almost half of Long Island property tax bills are overinflated each year, with the anticipation that owners will have to challenge them. Many don’t. Yet, you as the lender may be able to get involved in the process, and educate your borrowers, and refer them to Property Tax Adjusters, Ltd. so that they can reduce and minimize those expenses.
That helps borrowers who do want to pay to stay on track with payments, while minimizing your own potential outlay to preserve your investments.
If borrowers are still unable to pay you may end up owning that asset yourself. You may have to take it over or sell it off. The lower the property taxes at that time the easier it will be to sell and the more you can net. Or if you choose to hold it, then your costs will be lower too.
The tax hits just keep on coming. That is unlikely to stop or slow down any time soon.
Appealing property taxes is not just a priority for home and business owners, but also for their lenders as well. Make sure you are protecting your assets.