The current environment of hyperinflation is making it even more important for New York property owners to challenge their property taxes this year.
Hyperinflation is hitting on all fronts. What may seem like an extra dollar here, five dollars there, and a few thousand over there can add up fast. Especially with such ongoing uncertainty about the future of the economy and incomes. Even if you are feeling flush right now, it pays to stay ahead and take control of your finances where you can. Because there is going to be plenty that is out of your control.
Rapid Inflation Is On The Rise
There appear to be no end of excuses for price hiking these days. If it’s not COVID, then it is gas pipeline hackers, shortages of products, or just because everyone else is raising prices.
That’s not only showing up at the gas pump and grocery store, but in housing prices, and now in newly proposed water and electricity rate hike proposals in NY.
School Taxes On The Rise
School taxes make up the bulk of our property taxes. So, when school districts want to bring in more money it can have a big impact on your overall property tax bill. There have been some alleged tax increase protections if school districts keep annual increases under certain caps. Yet, once again Long Island school districts are proposing budgets with increased spending, and new tax hikes for local property owners. That includes at least five school districts which are already saying they will exceed the annual tax cap.
Tax Inflation
One of the biggest areas of inflation this year are taxes. New taxes, old taxes, and more tax hikes. They are coming from all angles at all levels of government, and they are far from over. From the headlines it seems like many of these dollars are going to hand out pay raises.
While coverage by NY Daily News shows that NY Mayor De Blasio continues to pay $2,000 a year, or around 30% less in property taxes for his multiple homes in Park Slope than the average property owner with similar sized homes.
Of course after eight years of power we only seem to have higher taxes. Lowering property taxes will certainly be on the list of hot topics for the next round of political candidates, but don’t expect any real change without unprecedented pressure on them. Invariably we get the opposite. It’s always more promises, and then higher bills.
Summary
Before the next ‘emergency’, pandemic, Atlantic storm, gas shortages that really put your finances to the test with even more inflation, challenge your property taxes now.