LI homeowners could find property tax relief as new data shows half of NY homes losing value.
It now appears that some pessimists could have been right. The end to the new real estate bubble may already be here according to new figures. So how can that help Long Island homeowners and their wallets?
According to new statistics published by Bloomberg Business almost half of the single family houses in NY have lost value since last year. In fact it isn’t just New York either. Washington DC, Los Angeles, Chicago, Phoenix, Atlanta, Seattle, San Francisco, and Denver, are all on the list of places where home values dropped by over 2% from June 2014 to June 2015.
Right on the back of a rollercoaster month for the stock market, gold, and oil, this isn’t a good sign for the nation’s economy. If just a few homes and neighborhoods were actually losing value then it could be explained away by age or crime, or the remnants of the foreclosure crisis. Some pose that the current issue is due to mortgage lending still restricting too many borrowers from becoming home buyers. That could change. However, looking at how broad the current decline is, suggests that while some continue to overspend and speculate on the market, most think home prices have already gone far too high. This could snowball if the general public catches on and more numbers contract.
So what’s the good news? The great news for those on Long Island is that this may mean more affordability in housing soon. More importantly it could mean more property tax relief for existing homeowners in Suffolk and Nassau County. Your property tax bill is directly tied to the assessed value of your home. If your home is losing value, your property tax bill should go down. Of course, no one really expects assessors to rush out to reassess your home and give you credit for that. But that doesn’t mean you can’t get the tax break.
A local property tax adjuster can work on your behalf to challenge your property tax bill and assessment and get your bill lowered. Chances are you’ve already been paying too much. This could now create even bigger savings, make your home more affordable, and help keep more of your dollars in your pocket.