Have new resolutions and goals for 2016? How do you overcome your biggest challenge, and achieve them?
No matter what your New Year’s resolutions for 2016, there is likely one common obstacle virtually everyone faces. Whether it is eating better, joining the gym, launching a new business, giving more to charity, or upgrading to a new home, it sadly almost always comes down to money.
Although some see growth ahead for the Long Island economy, many see any growth in 2016 as being somewhat anemic. Newsday predicts modest 2% growth in the LI economy, with salaries keeping up with inflation, and pharmaceutical and healthcare doing well, while other industries face ongoing challenges. Others like billionaire real estate investor Sam Zell see a new recession coming in the next 12 months. It may end up being a balanced year, with any growth in personal and household income offset by higher living costs.
This trend appears to be particularly true in NY housing. Development continues to be furious, but higher interest rates and property taxes are quickly eating up gains.
Fighting back against high property taxes is certainly one way that a great many Long Islanders can find the extra cash to pursue their resolutions and goals this year. Almost 1 out of 2 New Yorker’s receive an unfairly high property tax bill. NY Property Tax Monitor explains why we can never hope to see the property tax system fixed, as “By delaying appropriate reductions, governments “borrow” money interest free,” and “allowing an over-assessment to persist for years permits the municipality to use a taxpayer’s money and then pay it back later without interest.” Of course those that don’t challenge their tax bills and file a grievance will never get that money back.
If you think your property tax bill may be too high Property Shark suggests working with a professional, and offers some tools for owners to use to get an idea of whether they are being over charged compared to their neighbors’ tax bills and assessments.
Local Long Island property tax adjusters can do all of this for you, and file a grievance on your behalf. That could be just the ticket to your New Year’s goals that you’ve been eagerly hoping for. So squash your taxes, get more money back, and achieve more in 2016!