NY just passed a new extension of eviction bans and foreclosure moratoriums. Just don’t let the headlines fool you into paying your property taxes late.
While many are happy to say good riddance to 2020, 2021 looks like it will be full of interesting moments as well. This is especially true when it comes to real estate, taxes, and the blizzard of foreclosures and evictions in the works.
New Bans, With Lots Of Loopholes
Just days before the new year NY legislators passed the new COVID-19 Emergency Eviction and Foreclosure Prevention Act.
The act appears to give those currently in the eviction process another 60 days before being tossed out in the street.
Other renters can file claims that they have been subject to hardships due to COVID lockdowns and won’t be able to be challenged until May 2021.
Don’t Think You’ve Got A Free Pass Not To Pay Your Bills
Expect to encounter lots of loopholes and difficulty filing claims. Commercial tenants also don’t appear to have been given any protections in this new bill.
Just because many may get away with skipping some rent and mortgage payments doesn’t mean they can also skip insurance, utility or property tax payments.
The government still wants to be paid their money. Especially given new pay raises being announced.
If you don’t pay your annual property tax bill you will at least see financial penalties mounting and your property could be seized and auctioned off a lot sooner than you think.
Plan Ahead
A short term pass on some bills for the around 20% of Suffolk and Nassau County renters who are late on the rent may sound great to some.
Yet, if not already, many tenants and property owners will find they are far too far behind to catch up in 60 days or by May.
When these bans are lifted there will be a tsunami of evictions and foreclosures. If you aren’t planning ahead and saving, how will you come up with five or more months of payments all at the same time to save your property?
Where can you move with a fresh foreclosure or eviction on your record?
Work out deals with creditors where you can. Keep paying your property taxes to avoid losing it for a fraction of what it is worth.
If you are struggling to keep up, make sure you reach out to Property Tax Adjusters, Ltd. for help challenging your property tax bills.