What do Long Islanders need to know about their property taxes this back to school season?
The next few weeks bring the mayhem of back to school season. It can be an exciting time, but it can also be a very pivotal time for finances. So what do you need to do?
Back to School Shopping
The NYS Tax Department recently reminded New Yorkers that “Every day is a New York sales tax holiday.” That may be true for a few items like inexpensive shoes, but all the tax sales in the world might not mean much if you don’t have the surplus cash to use. For many saving on annual property taxes could provide that critical break to afford those necessities.
Buying a Hom
Back to school is also the critical rush time when many Long Islanders are looking to close on their new homes to get into the school districts they want their children to be eligible for. This can bring a lot of stressors and expenses, especially with so many competitors and friends attempting to buy homes in the same few weeks. The last thing anyone wants is to add a ton of unexpected financial pressure and expense after summer and the back to school season. That is probably even truer this year in the wake of Brexit and other money market disasters. However, most don’t understand how property taxes work. Property tax assessments are regularly updated. This includes adjusting annual bills upwards as homes are assessed higher based on improvements made, new sales prices, and rising housing prices. One of the biggest traps here can be new construction or where a property hasn’t sold for many years. The following year the new owner can see a massive jump in their bills. This could easily wind up being $10,000 or far more.
Keeping Your Property Taxes Low
Keep your property taxes low and know your finances so that you can budget well and enjoy less stress. This includes getting an accurate estimate of future taxes, being alert to fraudulent and incorrect charges, and knowing how to fight back against them, as well as getting taxes reduced on a home you plan to buy. Fortunately, you don’t have to invest the next 7 years of your life becoming a tax expert to save. Specialist services like Property Tax Adjusters, Ltd. can assist with reviewing bills and assessments and challenging them where necessary so that you don’t pay more than your fair share, and you’ll have the surplus to go shopping for those essentials, and perhaps a little extra too.