NY property tax rebate checks are coming. What should you spend yours on? In 2016 qualified New York property owners will begin receiving the first of four years’ of tax rebate checks. The average property tax rebate check is expected to be $185 next year, rising to $530 by 2019. So what’s the best way to use that money?
What Not to Spend Your Property Tax Rebate Check On
Small token tax rebates like this have been used throughout the years to boost taxpayer happiness and inject more spending into the local economy. They are calculated well, in order to encourage and consumer spending on short term feel good items. Don’t buy it. And certainly not before you get the cash in your hand. It can take many months longer than expected for checks to hit mailboxes, and not everyone gets one. Supporting the local economy, and local businesses is important. But not when it is counterproductive. If Long Island property owners run off happy with these small checks that may hurt overall traction in delivering meaningful tax fixes. It definitely shouldn’t distract Long Islanders from filing a tax grievance to get far more sizable discounts on their property taxes either. So if you shouldn’t blow your check on a single night out, or supersizing your soft drinks for the next month what might be a better way to use it?
6 Smarter Ways to Use Your Property Tax Rebate Check:
- Donate to high impact local charities
- Makeover your Long Island home
- Research moving to a location with cheaper property taxes
- Invest it, and let it grow
- Make extra payments, and reduce your mortgage balance
- Contribute to a political candidate you believe will actually bring a meaningful fix to NY’s property tax system
Around 2.5 million New York residents will receive rebates over the next four years. It may not seem like a lot, but what you do with every dollar counts. Those that what a meaningful property tax reduction will still have to file an appeal or grievance. What will you do with your check?