Nassau County Ends Up With Budget Surplus

Blog March 4, 2021 By Admin

Long Island’s Nassau County ended 2020 with tens of millions of dollars in surplus money. So, why are taxes being raised? What can you do to avoid this financial hit job?

Big Surpluses, Just Not For Property Owners

While some NY public figures have been getting notable pay raises through the pandemic, and have been declaring a barrage of new tax hikes are coming, including state income tax increases, no meaningful bailouts seem to be destined for the accounts of local property owners.

Nassau County is reporting a $75M for fiscal year 2020. Unlike other places around the country, they are not only not refunding that to taxpayers, but are raising instead of reducing property taxes.

The county said it will skip payments on debts it owes for tens of millions of dollars and has been providing far less services than usual. It’s a case of charging more, while delivering less. Typically a losing business strategy.

Your Nassau County Property Taxes Are Going Up, One Way Or The Other

Annual property tax bills are a combination of both property tax assessment values and property tax rates. Note that there are actually a variety of tax rates for different line items which make up the total.

Invariably Long Islanders end up getting hit with increases of one or the other each year, creating a net increase in their bills. This year it seems those in Nassau County are going to be hit by rises in both, compounding this new tax hike.

All while the state and county enjoy extra funds, for doing less.

You Could be Saving Thousands

Even in a normal year, many Long Islanders are overpaying their property taxes by thousands of dollars. It’s not uncommon for appeals to be granted for over $10,000 each year in property tax savings. This year homeowners may qualify for far greater savings.

You may not feel like you need that extra money right now, but with grocery inflation, and retirement accounts linked to frothy real estate, stocks and crypto investments, and hopes of any real stimulus fading fast, you might be glad for the extra change in a few months from now.

Property owners in Suffolk and Nassau County have just days left to file. Let the experts at Property Tax Adjusters Ltd. help you save.