New data suggests NY office property values are being slashed in half due to the new world of remote work. Yet, many property owners in the state are still finding that their taxes are going up.
We’re Bleeding Jobs & Workers
One recent report shows that NY lost half a million residents in the wake of the pandemic lockdowns, through July 2022.
More have certainly left since then. Though many may be finding that they are no longer getting the warm welcome that they did from places like the Sunshine State, after so many out of state residents have flooded it, and have driven up property prices and taxes there.
Other data shows that the value of NY office buildings is being slashed in half as workers continue to go and stay remote. No wonder some CEOs have been so vocal and harsh about trying to get workers back to the office. Which in many cases they own and have millions of dollars on the line from rents and property values. Even though many have benefited from huge property tax breaks too.
Most people no longer need to be present in an office to do their work. So paying NY housing prices and taxes can seem foolish when they can make the same money, and pay a fraction of that somewhere else.
According to Bloomberg, there is now $190B in global real estate debt being sold off at distressed discounts.
Changing Property Values And Your Property Taxes
When property values go down, you’d expect your annual property taxes to go down as well. Yet, many owners are finding their taxes are even higher this year.
For example, those in Long Beach who are facing a 10% hike in their property tax bills.
Like income taxes, property taxes are complicated. They may be designed that way on purpose. There are different tax rates, different line items on a tax bill that have different tax rates, various breaks and exemptions, and property valuation methods that translate into tax assessed values can seem very ambiguous.
Sadly, this leads to many overinflated bills. With many Long Islanders overpaying each year, without even realizing it.
It always pays to question your property tax bill.
The experts at Property Tax Adjusters, Ltd. can help you by evaluating how much you really ought to be paying, and file to get you the savings you deserve.