There’s a lot of talk about a new round of stimulus checks to help individuals and businesses during this crisis. The bailout, like the one in 2008 could easily top $2T. What should you do with your Trump check?
Crisis, Stimulus & Your Property Taxes
The COVID-19 crisis created the highest amount of unemployment in almost 40 years, in just a few days. That could easily push true unemployment over 60% by the time it is over.
Meanwhile Long Islanders, and those who own property in Nassau County are facing some of the most severe property tax hikes of their lives. Long Island News 12 reports that 53% of homeowners in Nassau are seeing higher property tax bills this year. Some of them are seeing their bills double. Hundreds of thousands are seeing their bills up by at least tens of thousands of dollars. All while the real estate market and property values are being crushed.
Massive stimulus packages are being voted on. More will likely be needed before this is over. Here’s what you need to know.
Don’t Count On Getting A Coronavirus Stimulus Check
Did you receive a personal bailout check in 2008? No? Then don’t bank on getting one now either.
If you do, that is fantastic. Just don’t count on it, until you can cash and spend it.
There are so many rules and twists, that most won’t see a penny. In fact, most are far more likely to be footing the giant tax bill increase instead.
Hopefully this changes.
If You Get A Coronavirus Stimulus Check
If you are one of the very few who do get a coronavirus check after all of the fine print, the first step of course is to practice very good safety and hygiene protocols when bringing it into your home and opening it. We’ve been told to assume everything we bring into our homes is infected.
Hopefully you have a way to actually use this money given bank shutdowns.
Don’t blow your check. You can probably get a break on your mortgages, car loans and car payments. Do take advantage of that. If you haven’t paid your property taxes yet, save this money to be sure you don’t lose your home.
The last thing you want is to be put in an isolation camp because they took your home over your late property tax payment.
If You Don’t Get A Stimulus Check
Real estate developers are already asking for property tax extensions according to Libn.com. You can ask for one too. As well as exercising your right to grieve your property tax assessment and bill.
This is not the time to be far overpaying on property taxes.
As An Employer
If you are an employer, make sure you are sharing with all of your staff about various resources to get financial help and reduce their property tax bills. If you can, help them out with this bill. Because if they aren’t confident in keeping their homes, they aren’t going to perform well. They won’t be able to focus on work.