Could rolling the clock back on Long Island property taxes be exactly what’s needed to boost the economy and fix the housing market once and for all? Canada seems to think so…
Canada has been quietly emerging as one of the world’s strongest economies and financial centers over the last 3 years. Now, it seems they have some timely advice for helping us return to being the financial superpower and boasting the lifestyle that used to attract so many from all over the globe. Recently of course many Americans have been fleeing across the northern border in search of jobs and better quality of life.
It started with Canada’s frequently outspoken finance minister offering Obama his two cents on economic policy at a recent conference. Then, last week debates erupting in the media in Alberta suggested that the key to spurring more housing and economic growth is to lower or even temporarily eliminate property taxes, especially for mature markets.
Long Island is definitely one of these, and certainly has one of the highest tax rates in the world.
One option being floated in Canada is a property tax abatement that would gradually decrease over a 10 year period. This would make it much more attractive for property owners and buyers to renovate or rebuild in Sandy damaged areas, as well as for more residents to move up or build, as well as attracting new residents to the Island. The Startup NY plan is great, but shouldn’t everyone get a fair break, or at least only be billed their fair share of tax dues?
If we can’t get government to move on it, or anything today, Long Islanders can at least get more property owners involved, and bring change themselves.
A huge number of Long Island homeowners are eligible for reductions, and almost 80% who have asked have been granted them according to figures being tossed around during recent election debates. So claim yours, but also spread the word and get everyone you know to take advantage of the help available from local property tax adjusters so that they can reset their tax rates and help refuel the local economy too.