NYC has the highest property taxes in the country according to a new report. That may not be surprising if you live here. But why they are so high might bother you. So are your property taxes headed up again? What should you be doing about it?
A new July report from data collector LERETA reveals Manhattan as having the highest property taxes in 2016. The details show the borough has an average property tax bill of almost $100,000. The Bronx actually came in second place, but far behind with an average property tax bill of just $12,243.
We are all painfully aware that the NY tax system is broken. We’ve heard how almost half of the property tax bills that are sent out each year are flawed and overcharge property owners. We know that promises of tax credits, freezes, and caps really haven’t helped very much. Now a new audit shows that NYC has lost out on $60M worth of tax revenues because they’ve been giving tax breaks to the deceased. Crazy, but true. And that means their living neighbors have likely been footing the bill and have ended up paying more than their share. These aren’t just Manhattan problems either. Issues like these seem to be rife throughout NY and Long Island.
2016 started with a new tax assessment of many properties which has led to higher bills too. However, recent data has suggested that the NY real estate market is slowing down. Ongoing distressed sales this year, and the ongoing side effects of Sandy may have also dinged the true resale value of many residences and business properties. If the market does continue to soften, then more NY property owners should actually be seeing tax assessments and bills declining. Of course don’t expect that to be a trend taxing authorities are quick to jump on by themselves.
Fortunately you can challenge your property taxes this year. You may challenge your tax assessment and your bill and have it appropriately adjusted downwards. Long Island based Property Tax Adjusters, Ltd. specializes in aiding property owners do this. Find out what break you are entitled to today…