Time is up. Tomorrow is the deadline for property tax extension. Keep reading for how to save on your taxes, what to spend your new stimulus money on and not, and the rights you absolutely cannot afford to give up…
Governor Cuomo had extended the time to pay your property taxes without penalties. That deadline for Nassau County property owners on Long Island is March 12th, 2021.
Fortunately, there are still ways to save on your property taxes in NY. Just watch out for the pending tax hikes.
Stimulus, Government Bailouts & Your New Tax Hikes
A new round of individual stimulus checks is hoped to be on its way for some soon. Before you make plans to blow it, or any other tax refund money, be sure you are prepared for the supersized bills coming your way soon.
Spending your income tax and stimulus money on the wrong things, like home improvements can trigger higher property tax assessments and bills every month. Unless you are prepared to sustain those increases for the long term, you may want to hold off.
At the same time state governments are due another big bailout from the new COVID relief package. Despite counties like Nassau already reporting a financial surplus for last year, the state expects to receive over $23B in federal stimulus funds in a matter of days.
Instead of refunding that money to property owners after states, counties and towns and villages saved billions in spending over the past year, the governor has continued to threaten more tax hikes in the wake of this news.
Expect hikes in states income taxes, property taxes, capital gains, real estate and even sales taxes. A new proposal has already been working up the chain to skim another $5B in taxes out of New Yorkers’ pockets this year.
Aside from all of this, and the fact that the economy still seems to be red hot in spite of the chaos of the past year (or because of it), it is important to remember what happened after the last ‘Roaring 20s’.
The government wants you to borrow money through its stimulus bills now, to boost their own performance metrics. Though you will be footing the bill for it for a long time. Hold onto your money unless you absolutely have to spend it.
Grieve, Appeal & Claim Your Savings
There are just a matter of days left for Long Islanders to grieve and appeal their new property tax bills and assessments.
It is our right to get help. No one is going to give it to you. In fact they are counting on you not exercising your rights to get extra money from your paycheck. Check out how much we’ve been saving your neighbors each year on their property taxes, and ask how we can help you too…