How might new COVID variant omicron affect your property taxes?
The new omicron variant of the coronavirus is already being found throughout the United States, including in NY. While this latest strain seems to mostly bring mild health impacts, as with the first wave, it is often the reactions to it that are the most impactful.
New Restrictions & Mandates
We’ve already seen new mandates being unleashed in NYC. With the mayor now demanding vaccinations for kids as young as five. While Pfizer’s CEO has announced we’ll now need a fourth jab to protect against this current variant. Fauci has also called for crackdowns on holiday gatherings and for families to demand any potential guests stick to COVID protocols.
This is going to put those concerned about the vaccines in a tough position. There is little they and their families are going to be able to do in NY, without continuous jabs. Including eating out.
NY Becomes Less Attractive For Residents & Visitors
The reasons for new rules and restrictions seem never ending. Even for those eager to get the initial vaccines this is likely to become a big turn off. Both for continuing to live in New York, and paying its sky high taxes, but even to visit family here for the holidays or to come shopping.
Spikes In Costs & Taxes
Recent history has taught us that events like these are only likely to spike costs, despite closures and reduced government spending needs.
Even when schools and businesses and individuals were locked down, plans were made to raise school taxes, income taxes and property taxes.
Expect this to give various levels of taxing authorities new excuses to hike tax rates.
Lower Property Prices & Values
Declining interest in living and visiting NY would certainly impact rents, property prices and values.
While this may be stressful and disheartening, if values rise in the long term your equity should return.
In the short and medium term this ought to earn you a lower property tax assessment, and in turn, a lower annual property tax bill.
Of course, don’t expect the government just to hand out this tax break. You’ll have to ask for it. Property Tax Adjusters Ltd. can help you file these appeals and get your taxes lowered.
While the data so far suggests that the omicron variant isn’t nearly as deadly as previous strains, that doesn’t mean restrictions and mandates won’t be equally or more painful.
Even after record inflation which has reached 40 year highs, the response to omicron could likely be higher property taxes too. Even though business and homeowners ought to become eligible for lower bills.
Be sure you get the help and savings that are available to you.