A bust of fraud at one NY housing authority just set a record for arrests. Sadly, it is probably just the tip of the iceberg of how New York taxpayers and property owners are being scammed and taken advantage of.
A Third Of Properties Involved In Fraud
70 people were just arrested for bribery and extortion involving the New York Housing Authority (NYCHA). The most ever in a single day.
Much of this corruption seems to revolve around maintenance, repairs, and kickbacks regarding contractors.
The fraud was so rampant that an estimated 30% of all NYCHA properties are believed to have been involved in this multimillion dollar scheme.
Sadly, this is likely just the tip of the iceberg in terms of government related fraud in this state, across the country, and in other areas of real estate and housing.
The Big Section 8 Scam
An even bigger issue that doesn’t seem to have been addressed is the housing voucher program.
Although this is supposed to be affordable housing, the rental rates the government pays in housing vouchers are often substantially higher than market rents. Often 30% or more above traditional tenant rates in some cities.
Where does that money come from?
It comes from all the neighboring taxpayers. They pay more taxes, to over pay on these rents, to pay landlords that compete with them.
In turn, these high rates can also drive up the recurring annual property taxes of others in the county. It’s a vicious cycle of victimization.
Watch Your Property Tax Bill
Property tax assessments and bills are one of the biggest and most flagrant scams in New York, and across Long Island.
Almost 50% of these bills are admittedly incorrect and overblown each year.
If you did your job wrong 50% of the time, would you still have a job, and get a raise every year? Maybe only if you work on forecasting the weather.
There are so many tricks that can be applied to property tax assessments and bills. This runs from the accuracy of your property specifications, to values, and all of the different line items and tax rates that purposely make these bills too complicated for more property owners to decipher.
Don’t be victimized even further. Get help reviewing and challenging your property tax bills today.