New York’s massive money grab makes appealing your property tax bill even more urgent this year.
On top of proposed federal income tax hikes, national real estate increases and new taxes, and rampant inflation, New York wants to take billions more from its property owners this year.
No matter how wealthy you are, this could easily mean a new double digit hole in your finances going forward. It’s just smart to offset this as much as possible through getting help adjusting and lowering your annual property tax bill. This may provide thousands in essential savings that may make the difference between bankruptcy and losing your property versus prospering ahead.
NY’s New Massive Tax Storm
Joe Biden promised a slew of countless new taxes and tax hikes if he was elected. While we haven’t really seen those hit yet, New York legislators and politicians have decided to get the jump on things and unleash a series of their own tax hikes.
Despite receiving a giant bailout of over $23B in the last round of relief from the federal government, New York wants to bleed its property owners for billions more.
Even though much of the state has enjoyed huge savings over the past year, and is likely to continue to do so thanks to a mass exodus of companies and residents, cutbacks on services and schools going virtual, they want to increase spending by over 20%. Where exactly all of that money will go is unclear. Though we have seen a significant amount of raises for those making these rules and handling this money over the past year.
New York lawmakers specifically plan to hike local taxes by around $7B immediately with their latest proposal.
What The New Tax Blizzard Means For You
Some of these new NY specific tax changes include:
- Raising state income taxes
- Adding new income tax brackets
- Increasing capital gains taxes
- Adding a new tax on second homes
- Increasing estate taxes by 4% to 20%
- Adding a new 18% tax on some categories of companies
- Bringing back a new minimum tax on corporate capital
Again, this is all on top of a whole menu of other tax hikes and new nationwide taxes proposed for this year. On top of severe recent hikes in property taxes for Long Island property owners.
Both short and long term it means New Yorkers giving up deep double digit percentages of what’s left of their income and assets to support what seem to be questionable spending projects and pay raises.
Challenge your property taxes to offset these financial hits while you can.