Will the promise of more funding for NY schools finally bring your annual property tax bills down?
New York’s new governor is promising more funding for schools. Which ought to mean lower property tax bills. What can we expect based upon previous similar promises? What can property owners do to reduce their tax bills now?
Billions Coming For School Funding?
The state’s new governor is vowing to distribute as much as $20B to New York school districts over the next three years according to coverage by News12 Long Island.
School district taxes make up the bulk of annual property tax bills. A big cut in the financial needs of local school districts should then mean a direct reduction in property taxes.
One school district says they hope that means an additional $50M a year in funding for them. Money that they theoretically shouldn’t need to try and raise from property owners.
Funding, Campaign Promises & The Property Tax System
This funding is a part of the budget which has already been in debate since the 1980s. It hasn’t been fixed in over 40 years. How this money is disbursed, to which districts, when and how much will still be a process for legislators. So, while we hope for the best, it may be foolish to expect a big break anytime soon.
Nassau County also recently received nearly $200M in Federal funding. It chose to pass around half of that on to some property owners in the form of one time $375 checks. Appreciated, but not exactly meaningful for the many who are being overbilled thousands of dollars per year on their property taxes.
Each year around half of bills in Nassau County are wrong. Yet, the system has never been fixed. There seems like little motivation to do so.
Property Taxes Always Go Up Here
Not only do meaningful tax fixes seem to be myths, but for one reason or another annual property tax bills just seem to go up each year for one reason or another.
When there are supposed caps or freezes in place on rates, tax assessment values go up, triggering higher bills. When values are flat, many tax rates that make up the bill go up.
Think about the year or more of COVID lockdowns when schools were closed. Yet, they asked for more money from taxpayers.
Right now, home buyers are triggering higher taxes on their own homes when they buy at the top of the market. Those staying in place also trigger higher taxes by remodelling their existing homes. Renters can’t escape it either. Landlords are hiking rents fast to keep up with their own tax bills.
The bottom line is that if you want to save money on your property tax bills now, then you have to get help appealing them. Don’t wait for the promise of potential tax cuts later. They never seem to show up.