Nassau County homeowners are grappling with a two billion dollar disparity in their property tax bills this year. You could either find substantial savings, or that you are paying tens of thousands of dollars extra to give your neighbors a huge tax break.
New Exemption Rule Creates Chaos For Nassau County Property Owners
Long Island property owners already face dealing with one of the most broken and uneven property tax systems each year. Now they could be wrestling with even more disparity under a new rule for exemptions and assessments.
Without the right help, there will be many who could be grossly overpaying, while others save tens of thousands this year.
A new rule enables owners of new construction homes to delay or gradually phase in new property tax assessments over the next eight years. They can get a break on up to $750,000.
Altogether it is estimated that owners of these properties will be able to avoid $2B in property taxes this year.
Of course, someone has to pay for it. Which means owners of existing properties have to make up that difference on their tax bills. Just to pay for their neighbors to have new homes.
Big Savings Available From The New Property Tax Exemption
The premise of this exemption is not to shock property owners with huge bills on their new properties. To let them phase in the big jump over the next few years. Though a bigger tax bill is certainly something you should expect when buying a new home.
According to coverage by Newsday Long Island this exemption is enabling many to save close to $30,000 on their property tax bills this year alone.
If you bought a new home, or have done major renovations, then you could qualify for these savings too.
Who Pays For It?
The county still wants their money. So the remaining 365,000 Nassau County property owners who don’t get this exemption will have to cover that $2B deficit for those who bought new homes or remodeled theirs.
If spread out evenly, that means existing homeowners will see an additional $5,479 on their property tax bills for the year. That’s not counting any other increases due to tax hikes and higher property assessment values.
What To Do
If you have purchased a new home, or substantially remodeled yours, then be sure to get help claiming this break. Some may not think it is fair, but there will certainly be years when you get oversized bills that aren’t fair too.
If you are an existing property owner, make sure that you get help appealing your property tax bill and assessment. You could save even more this year by doing so.
Summary
Everyone loves tax breaks. We should take advantage of them when they are available. Of course, that means someone else has to pay the bill.
This makes getting help challenging your bill and demanding the savings you are due even more important than ever.
Get in touch with Property Tax Adjusters Ltd. for help with this today…