Despite claiming they need more money, Long Island school districts have manage to stack up an incredible financial surplus. All at the expense of local property owners.
One of the biggest factors driving up local property taxes for Long Islanders is the portion of school district taxes on their bills. Many districts constantly complain that they need more funding. Often to the point of blowing through tax caps. Yet, the latest data shows these same districts have amassed a $2.4 billion surplus and reserves to hedge against the future economy.
All of this means charging local property owners more each year to fund these financial cushions and an inefficient system. Often to the point of costing locals their homes. What about your surplus and emergency fund? Having one is just basic money 101. At what point should extra cash hoards for these organizations be halted so that homeowners can afford their homes and be on solid financial footing themselves?
At the same time a new order is changing how your property is assessed for tax purposes. Many experts fear this will actually drive up your property taxes. Perhaps at the most unfair moment – when the market has hit a peak, but home values are expected to be down when those new high assessments hit your mailbox and bank account. That just also happens to be in a period when financial experts say there is a 60% to 80% chance of a new recession.
This may be confusing, but that’s exactly what taxing authorities count on, so that they don’t have to fix the real problems in the system, and hand out the rebates owed for overcharging local property owners every year.
Contact Property Tax Adjusters, Ltd. now to get more transparency on your tax bill and assessment, and find out how much you may be owed in savings. Then you can build up your own financial reserves
We all care about education. It is important. Kids deserve the opportunity to learn and be equipped for their lives.Yet, that doesn’t mean continuing to dump all of our money into a broken system is a good solution, or is helping.
If we care, we can get involved in the future of education. This current system is built for the old industrial era. Most schools are now not much more than daycare that clocks attendance and memory retention for test taking, versus real learning and skills. Consider that 60% to 80% of the new workforce may be remote, digital, and freelance positions The next generation needs to train for that. It begs the questions if schools should be wound down instead of padded for losing money over the decades ahead. A look at the finances of biggest colleges show they have become more real estate investment businesses leveraging big tax breaks and prime real estate, instead of focusing on education. So, why shouldn’t homeowners and their families be able to keep some of their income, to have a good financial foundation, and be able to invest in real estate and help develop new ways of learning?
Someone has to tackle these hard questions. Though the first step is clearly to challenge your own property taxes, and then be able live from a position of financial strength.