Hurricane Ida is yet another fresh reminder of the risks of living on Long Island. It’s salt in still fresh wounds for the many who have already had property damage from previous storms, or have been impacted by COVID restrictions. It’s a warning for all local property owners to be prepared. Especially with still months to go in this year’s hurricane season.
While there can be many things on your mind during times like these, you can’t forget about your annual property taxes.
Storms Bring Many Types Of Damage
It is estimated that billions of dollars of NY property are at risk from storms this year. That damage can come from wind and flooding. Though loss of work and income can compound those issues too.
Direct property damage can mean your home isn’t livable. At least for a while. Even damage to neighboring properties can bring down the value of your property. If this is an investment property, it can disrupt or cut off your income.
Unfortunately, as we’ve seen with previous storms, it can take years to get help, or even to get an insurance claim payout. Even then, you can bet insurance companies are going to want to pay out a lot less than you need.
In the meantime you may need somewhere else to live, and to be able to afford to secure and fix the property to avoid building department fines and liens, and to stop ongoing damage from leaks or mold.
The Bills Are Still Due
Regardless of how hard you are impacted, most of the bills are probably still going to be due each month.
That can include mortgage payments, insurance premiums, utilities, and your annual property tax bills.
Meanwhile you may be paying for a second place to live, or be pouring out funds in repairs and remediation. On investment properties you may be unable to raise rents to cover the damage or loss of income.
Getting Property Tax Help After A Storm
Unfortunately, property taxes are one of the areas you can at least expect help from the government in these disasters. In fact, don’t be surprised if they keep on trying to raise your taxes and bills.
Of course, the opposite should be happening. If your property is damaged in some way, or even if nearby properties are damaged, your real property value may go down significantly.
This should entitle you to a substantial reduction in your annual property tax bills. Don’t expect them to just hand it out. The good news is that the experts at Property Tax Adjusters Ltd. can help you get that reduction and save money to aid you through this mess.