There has recently been some buzz about a new property tax credit for NY property owners. Unfortunately, at best it may offer meager savings for very few, while distracting them from the real savings they are owed. Here’s what you need to know…
The New NY Tax Credit
As a part of the new budget, which has called for at least $4B more in taxes to be collected from residents, there is also news of a new small property tax credit for a very select few NY property owners.
If your income is under $250,000, and you spend more than 6% of your income on property taxes, then you may be eligible.
This new tax credit can be as high as $350.
Sadly, while some will declare this a victory and make a lot of noise about this so called tax break, it seems that so few will get so little, that it may be no help at all.
You can’t use it if your savings would be under $250. So, it only works if all of the other math on your income and taxes add up, and your savings window falls between $250 to $350.
This isn’t a check you get or reduction in your property tax bill. Instead it is a proposed tax credit when you file your income taxes. So, you also have to pay that bill, be sure you filed on time, and be sure that you’ll still qualify for the credit depending on all of the other dozens of lines on your income tax forms. It’s like one of those classic used car sales lots that tell you to spend more money and you’ll get a tax break. Of course, you never end up qualifying for that break.
It Gets Worse
What’s worse is that this just seems to be a big distraction to keep NY property owners from claiming the real savings and refunds they are due on their property taxes.
So, all types of new taxes and tax hikes are being brought in this year. Billions of dollars in extra taxes you have to pay. But you might get a small $300 break on all of those new taxes if you win the arithmetic lottery.
It’s not rare to find many Long Islanders paying hundreds and thousands of extra dollars in property taxes each year than they should. Some are now facing annual bills that have gone up by 50%.
Don’t be conned into focusing on a potential $300 tax credit, if that means you are actually overpaying with your real money by $2,500, $5,000 or more each year.
Your taxes are going up. This new property tax credit is unlikely to help many at all. It is a big distraction. Get in touch with Property Tax Adjusters, Ltd. today and get help finding out about all the breaks and savings you are owed from someone who is on your side.