The Perfect Storm: New Yorkers Bracing For Property Tax Hit

Blog August 6, 2020 By Admin

This week’s weather adds another threat to New York property owners who are already tired of high tax bills.

Hurricane Isaias has become a huge reminder of how vulnerable we and our properties are. Many were just getting back on their feet from Superstorm Sandy and the 2008 Great Recession. Many were just finally wrapping their heads around working from home. Now there are power outages, and predictions for one of the most active Atlantic storm seasons seen in a very long time. The damage these storms deliver just stack up the costs for local government and residents. These expenses are levied on local property owners in taxes as well as what they have to come out of pocket with to navigate storms and repair properties.

Long Islanders have already been bracing for a surge in property taxes due to COVID-19. The reopening of schools with new safety measures, or a complete transition to homeschooling with both give school districts reasons to argue for further tax hikes. These are the taxes which make up the largest percentage of property tax bills.

Civil unrest, riots and spikes in crime are multiplying the financial impacts of these events as well. Whether it is businesses closing down, workers unable to get to work, property damage, or unexpected medical bills, and overtime for emergency response workers, it all means less income for residents and more expenses for them to pay for via taxes.

Then there is the huge debate over how to lure the wealthy back to New York amongst all of this. Love them or not, they paid the majority of the funds to operate local government. If some wanted to tax the rich 90% of their incomes to make the budget balance, how much more of the paychecks of everyone else is it going to take to keep things going?

Who knows what else will add to this barrage of issues putting pressure on residents and tax rates. This just makes it more important than ever to challenge your taxes and make sure that you aren’t over paying.