Long Island is trying to get to grips with its finances after all the chaos of 2020. Where is the help with our property taxes?
Many things have added to the increased financial burden on Long Island and across the country this year. There is a good chance that the financial turmoil is just getting started on many levels. Here’s what to watch out for.
If all of the storm damage, pandemic associated costs and rising taxes weren’t enough already, everything else seems to be getting more expensive too. Gas prices have crept up again. According to MarketWatch prices on many essential grocery items have risen 8% to 20% in the past few months alone. That’s even if you can get the items you used to expect to find. So, now you go to the grocery store and for the same money you might walk out with 20% less food. The Fed now seems to be embracing a new era of higher inflation. Imagine how much less you may get to eat for the same budget in 12 months from now.
While many large organizations and corporations have received millions in bailout and stimulus funds already, many small businesses haven’t. Giant theme parks have been allowed to open, but not local small businesses. Even Saks 5th Avenue locations in some parts of the country are now being shuttered and evicted after falling behind millions of dollars in rent. If they can’t keep up, how much harder will it be for smaller companies?
That in turn means fewer jobs and few people sharing the burden of property taxes.
Nassau County, LI
As predicted, even Nassau County is citing COVID-19 as a reason for major budget woes and the need for more income. Despite schools being closed and savings on not operating other services during lockdowns, the county executive says we are almost $400M short on meeting county expenses.
TheLIRRsays it will be closing branches, cutting services by 50% and axing around another 850 jobs.
The county says it will try to avoid more borrowing by stopping payments on almost $100M in bond payments it owes for the next year.
Property Taxes remain one of the biggest expenses for Long Islanders. Many already saw their property tax bills rocket by 50% in early 2020, before COVID-19. With more inflation coming and the county and municipality and different agencies desperate for money (despite nine figure surpluses in the bank) expect more taxes. So, where is the help for homeowners and small businesses? Elsewhere in the country some counties seem to be lowering property taxes to help. Though just because the county isn’t paying their own bills and expects a deferment on payments they owe, don’t expect them to keep deferring your payments.
It’s time to take action and appeal your property taxes. Every penny you save could be incredibly important for paying other rising costs.