Recent reports from Newsday Long Island have sparked fresh debate and outrage over the broken property tax system in Nassau County. While some potential ‘fixes’ have been floated in the news, the findings clearly point to just one way local homeowners can rely on for hanging on to their homes.
Property Tax News
Several recent investigative reports in the media have highlighted the extreme disparity in property tax bills in Nassau County. It’s no secret to any local property owner that bills are high. Yet, some may be surprised at just how harshly they are penalized with massive overcharges if they fail to appeal their annual property taxes. At the same time, all of the evidence and data seems to suggest the only solution for saving on property taxes for now is to grieve your property taxes. It is proven to work, and a necessity for those who don’t want to overpay.
Rise In Home Loan Defaults Signals Time To Take Housing Costs Head On
Even those that believe they are just fine handling the bills they get without question may change their minds once they realize just how hard they could soon be hit by other expenses.
The Mortgage Bankers Association just released new figures showing the largest spike in mortgage defaults since 2006. That means many are crumbling under the pressure of house payments already. This is ahead of rising mortgage interest rates, and a new era of expected inflation, which could raise the costs of just about everything we buy and spend money on every month. The Long Island Association is also concerned that new tax reform will strip Nassau County residents of the Mortgage Interest Deduction (MID), which will lead to dramatically higher annual income tax bills.
Fixing the Property Tax System
We all know the system isn’t fair. Yet, there seems little motivation to fix it to benefit homeowners and business owners. Potential changes to the system posed as ‘solutions’ include reassessing homes at much, much higher rates, and stopping tax refunds in favor of ‘tax credits’. Both of these ‘fixes’ would put more money into the taxing authorities’ pockets, but are highly unlikely to help anyone see lower bills. In fact, the opposite will probably happen. The only for sure way to eradicate all of the junk, corruption, massive waste, and predatory bills is to follow other leading destinations in doing away with annual property taxes altogether. It is the simplest, most cost effective, and reliable answer. Of course, it is also the least likely to be voted into law.
For now, that leaves each individual with one choice do nothing and continue to be a victim of rapidly rising unethical tax bills, or appeal them and save.
If you are ready to save, then contact Property Tax Adjusters, Ltd. for help in reducing your Nassau County assessments today.