Will the rollback of NY’s mask mandates result in higher property taxes?
The governor appears to be allowing some COVID related mask mandates to expire in the state. What impact may this have on recent moving and real estate trends, as well as taxes?
Free To Go Maskless
In coordination with other states which have had the toughest COVID rules and restrictions, NY may begin easing up. CA, IL, and now NY have been announcing that they will let some mask mandates expire in the coming weeks.
Media coverage suggests that in spite of this being in direct contradiction to the latest COVID data, and guidelines from WHO and the CDC, governors have had no choice but to give in to public demand. They have been losing residents, businesses, investment and many tax revenues, as well as voters.
Will COVID Rule Changes Bring People Back?
So many people and companies have been moving out of these states that uHaul reported it was running out of moving trucks.
Many may never come back. They’ve found cheaper places to live, and a more peaceful pace of life. Rampant inflation isn’t going to make moving back easy either.
However, the hope of rolling back rules and restrictions may give many hope that we could once again see a resemblance of the old normal. They may choose to stay. Some may come back. Or at least be willing to invest and do business in NY again.
Some will be willing to pay even more for property, with the hopes of an economic rebound.
This could certainly further fuel higher property tax assessments and higher annual property tax bills.
Will It Last?
Recent trends in COVID cases and deaths may suggest it is too early to ditch masks altogether. In fact, new studies show that the best masks, like N95s could provide more protection from infection and transmission than what some can expect from their vaccines.
With tens and hundreds of billions of dollars in value at stake and which could be lost by some corporations if COVID ends, there is also a lot of motivation to keep the crises going.
Don’t count on it being completely over forever, just yet.
Many people are at least welcoming the choice to wear masks or not. It may be a sliver of hope that business and life could return to NY.
More may choose to stay, and some may choose to move back after this news. That could have many positives. Though it may also continue to drive up property taxes.
While there perhaps should be more debate over compensation for the damage ineffective or unconstitutional mandates dealt on property owners, don’t expect any free handouts.
The one thing that is in your control is to appeal your assessment and tax bill now. Keep your basis low, and stay ahead of any more tax hikes.