Watch Out: 30 Things That Can Increase Your Property Taxes

Blog June 14, 2018 By Admin

Watch out for these things that could hike your property tax bill even higher…

Unfortunately, most property owners don’t know what determines their tax bills. Given the disparity and complexity in NY’s property tax system it is really no wonder. Yet, that confusion could definitely be part of the plan to keep tax revenues up.

Consider that in a condominium building where a single unit sold for $70M, the whole property is only assessed at just over $40M. As well as that you might pay 4x the property taxes for the same price house in Canarse, than if you bought in Park Slope. This year NYC alone hopes to bring in almost $30B in property tax revenue.

Sadly, unless property owners know what really justifies tax increases they are almost defenseless. At least without expert help. Once you know, you can avoid triggering higher taxes on your home and business property, or at least know when to expect it.

Contrary to one NY billionaire’s recent claim, the number of geese pooping on your lawn might not get you a tax break, but watching out for these things can.

  1. Higher school district taxes
  2. Higher county property tax rates
  3. Public projects and infrastructure development
  4. Public-private building partnerships
  5. Increased energy costs and higher salaries for public workers
  6. Higher property tax assessments
  7. Rising home sales prices and sales of neighboring properties
  8. Technical mistakes in calculating tax bills
  9. Rising costs of managing the tax system
  10. Fraud
  11. Greater numbers of inactive but salaried public workers
  12. Significant home makeovers and redecorating
  13. Adding an extension or more square footage to your property
  14. Increasing the number of bedrooms in a home
  15. Increasing the number of bathrooms in a home
  16. Rising area rental rates
  17. Major storms that require cleanup and extra funds
  18. Adding buildings to a property
  19. Major renovations (i.e. roofs and siding)
  20. Adding special features like swimming pools or garages
  21. Reduction in number of neighbors paying their tax bills
  22. New developments with higher assessed values
  23. New legislation
  24. Major renovations or redevelopment of neighboring property
  25. Upgrades made to your community or condo building
  26. Finishing basements
  27. Converted attic spaces
  28. State and federal funding cuts
  29. Rising interest rates
  30. Failing to challenge your property tax assessment and bill

Need help figuring out your tax bill, how much you should expect to pay, and how you can get your taxes reduced? Get in touch with Property Tax Adjusters, Ltd. today.