Some New Yorker’s are about to get hit with a massive property tax tsunami. How can you defend yourself, and protect your home?
Westchester residents are about to get hit with a mammoth property tax hike. Property owners in the town of Greenburgh are facing their first revaluation in many years. Lohoud reports that while a few could experience decreases in property tax bills, others are facing a doubling in taxation. How would you feel about receiving a bill that is $10,000 higher this year?
NYC itself continues to debate a property tax cap. However, CityLimits.org reveals 40% of the city’s revenue comes from property taxes. That’s double the amount than from personal income tax, and almost four times that of sales taxes. In other words there is little motivation to cap taxes. That income is needed. That need is only going to grow. The only solution is a major overhaul of the system.
Overall tax burden could get a lot worse for New Yorkers after November too. According to data based on the promises and proposals of each of the four main residential candidates left in the 2016 race Vox predicts there is a 50% chance individual’s income taxes will go up. Test out the Tax Policy Center Presidential Tax Calculator to see how you may be impacted.
The good news is that some individuals and families may be due for a reduction in their tax assessed property value, and in overall taxes throughout the next 12 months. However, eligible or not, the difference between being billed more or less taxes is going to come down to getting pro help to claim the breaks you are owed. For income taxes that means getting help from an experienced accountant or tax preparer who cares. To reduce your property tax bill (which can be far larger than income tax) look for an established local property tax specialist.