What’s the most important gift you can give this Valentines Day?
Some are enjoying their best year of income and wealth building ever. Others are struggling to stay afloat. Many are just trying to survive this financial storm, and the tax blizzard that is on its way.
The Least Wanted Gift This Valentines Day
Even for the millions who have begged for more taxes and voted for much higher taxes this year, few may actually appreciate this gift when it arrives in the mail.
With only a few weeks left for Long Island property owners to file a tax grievance this year, Patch.com warns that more than 60% of LI real estate owners are going to see a jump in their property tax bills.
This leap is due to recent resassements of tax values. Then there are many areas which are also raising property tax rates, which will compound these increases and total bills.
According to News 12 these increases can range from just under 4% in places like Southold, to 5.8% in Islip and 7.9% in Babylon.
The total impact of these increases could be a 60% increase in property tax bills in 2021 according to a report from the Long Island Press in December.
At the same time Long Island Business News reports sales tax receipts are down by almost $2B. More than the dip in the 2009 Great Recession. These numbers have to be made up somewhere. Especially, with some getting nice pay raises this year. This could show up in more property tax bumps, and increased state income taxes.
The Number One Gift This Year
This unexpected gift of a tax blizzard, right in the middle of snow storms and lockdowns could put many in a dangerous financial position. Don’t pay your property taxes on time, and the fines and penalties will make it even harder to catch up. If you can’t do that quickly, then you can lose your property.
That makes the number one gift to give yourself this month a big break on those property taxes. Sharing with others how they can save big on these taxes and save their homes could easily be the most meaningful gift you can give others you care about too.
The odds are very high that your property tax assessment and bill is grossly over-inflated. So, unless you appeal with the help of Property Tax Adjusters, Ltd., the chances are you are probably overpaying this tax by thousands of dollars each and every year. Surely, you can find some other great Valentines Day gifts to give that are more fun with those savings.