The property market and economy is shifting. These trends, along with new policies and proposals could well show up in your annual property tax bills. As well as impacting your overall housing costs and property value.
Property Sales Are Falling
As we predicted, a period of declining pending home sales has shown up as a new decline in actual home sales. A trend likely to accelerate through 2022.
Falling home sales in turn have historically led to falling housing prices and values. Bloomberg reports that the bulk of the risk in the US is in NYC and Chicago.
When your home’s value plummets, so should your tax assessment and property tax bills. Of course, you shouldn’t expect that big financial break to be just handed out to you. You will want to get help claiming it from Property Tax Adjusters, Ltd.
More Fake Tax Caps
One of the common ways that home and business owners are fooled into not claiming property tax reductions and exemptions are talks of tax caps.
We are already seeing that in coverage by NewsDay Long Island, as property owners brace for the impacts of inflation in their taxes.
What we have learned in recent years is that these tax caps really don’t help. School districts frequently vote to exceed them. There are many other line items in your tax bill that can go up in addition to school taxes. Tax rates are also raised to ensure more money is being brought in each year.
This may be even more noticeable this year with all of the increased spending being planned.
Don’t count on promises of tax caps to save you. Step up and claim your reductions and challenge your bills.
A Bigger Tax Burden Split Between Fewer Taxpayers
So many businesses and people have been leaving NY that uHaul has reported it has been running out of moving trucks and equipment.
That means an even larger budget and tax burden which is going to have to be split between fewer taxpayers. If you haven’t corrected your assessment in advance, expect an even larger bill in your mailbox.
One new proposal to alleviate affordable housing challenges in NY is to extend Manhattan by 1,760 acres into New York Harbor. A project which could bring at least 180,000 new residential properties to the market.
A project which could potentially either decimate property values throughout surrounding boroughs, or add fuel to tax increases.
Get help now. Between rising interest rates and utility prices, expect your housing costs to escalate this year. The last thing you need is a bigger property tax bill. Especially when the value of your property could be going down.