How To Manage Property Taxes When You Get Laid Off

Blog July 13, 2023 By Admin

Current economic and technology trends have the potential to quickly push us to double digit unemployment.


If you are among those impacted by this massive wave of unemployment, how do you handle your annual property taxes?


Double Digit Unemployment Is Coming Fast


Due to manipulation of the statistics, many don’t realize that only around 62% of the population are actually employed and participating in the workforce already.


The rise of AI, the Fed’s monetary policy, technology automation, and the negative impact of implementing things like ChatGPT too early, without understanding the consequences are leading to a massive wave of unemployment.


This is on top of recent mass layoffs and hiring freezes across major companies in the US.


More than 20% of the population could quickly be impacted by this. When this happens it typically creates a downward spiral, with more businesses failing and making layoffs.


Some fear that remote work alone is erasing $800M in NY commercial property values. What they are not counting is that some 18M remote work jobs are already vanishing due to technology as well.


Unemployment & Your Property Taxes


Unexpected unemployment can be a shock to the system. It can be very stressful. With few of any jobs out there to get, you may just have to make do with what you have.


How do you do that?


1. Begin by prioritizing your expenses and financial needs


What are the absolute essentials? List them in order of importance.


Note that property taxes should be at the top. Shelter is a must. People die of a lack of shelter even faster than a lack of food or water.


2. Seek out other resources that can help you cover these financial needs


You may be surprised at the local resources and programs that are available. This can include food pantries, food stamps, cash assistance, and healthcare benefits. There are many sources that may even help with rent or mortgage payments.


Contact your lenders and credit card companies. Apply for hardship programs that may minimize your interest payments, or defer minimum payments.


Appeal Your Property Tax Bill


NY is notorious for taking a very long time for foreclosures to be processed. They could happen within months. Yet, it is often a process that lasts years in the case of falling behind on your mortgage.


However, you may lose your home or other real estate a lot faster by falling behind on property taxes.


Let us help you appeal and get your bill lowered. It’s highly likely you can dramatically reduce this bill. Then be able to afford to pay it, and use all the savings for other essentials.