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.
- Higher school district taxes
- Higher county property tax rates
- Public projects and infrastructure development
- Public-private building partnerships
- Increased energy costs and higher salaries for public workers
- Higher property tax assessments
- Rising home sales prices and sales of neighboring properties
- Technical mistakes in calculating tax bills
- Rising costs of managing the tax system
- Greater numbers of inactive but salaried public workers
- Significant home makeovers and redecorating
- Adding an extension or more square footage to your property
- Increasing the number of bedrooms in a home
- Increasing the number of bathrooms in a home
- Rising area rental rates
- Major storms that require cleanup and extra funds
- Adding buildings to a property
- Major renovations (i.e. roofs and siding)
- Adding special features like swimming pools or garages
- Reduction in number of neighbors paying their tax bills
- New developments with higher assessed values
- New legislation
- Major renovations or redevelopment of neighboring property
- Upgrades made to your community or condo building
- Finishing basements
- Converted attic spaces
- State and federal funding cuts
- Rising interest rates
- 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.