NY Property Taxes: 6 Things You Need To Know Now

Blog May 10, 2018 By Admin

Find out what’s happening with your NY property taxes now…

Nassau County Ranks 5th for Highest Property Taxes

Homeowners paid almost $300B in property taxes, just on single family homes in the US last year. The Long Island Business Network and ATTOM Data Solutions rank Nassau County as having the fifth highest property taxes in the country, at almost triple the national average.

Tax Loopholes & Re-positioning Deductions May Not Work

NY acted quickly in the wake of the new tax bill to try and come up with potential solutions for helping locals maintain deductions for their property taxes, without having to reduce tax rates. The average single family home tax bill in Nassau County is over $11,000, creating an immediate negative impact and new tax liability on federal income taxes. New measures voted on at the end of March aim to create new loopholes and re-position the classification of these local taxes. One option is to classify them as charitable deductions. The other is to incorporate them into payroll taxes. However, many believe these efforts could be overridden by the IRS and called out for what they are – ways to get around the system.

School Taxes Growing at New Record Pace

Long Island school taxes make up the bulk of annual property tax bills. Those taxes are expected to rise the most they have in five years for the 2018-2019 billing year. On average it is expected Suffolk and Nassau County property taxes will go up around 2.6% for this period. Exceptions include Valley Stream and Bridgehampton which are expecting a 13% hike.

Nassau County Property Tax Re-Assessments are Coming

All properties in Nassau County are scheduled to be reassessed for their current higher taxable values. Read more in this report to find out how this could be bad news for you and your family.

Tax Lien Sales

NY property tax liens are going up for sale on properties with past due tax bills this coming week. Check here to see if your property is on the list to be auctioned off.

You Can File a Property Tax Grievance

Almost half of NY property tax bills sent out each year are wrong. Find out how you can file a grievance and get your tax bill reduce with the help of Property Tax Adjusters Ltd. today.