Your property tax bill is probably going to be a lot higher this year. How much your annual property taxes are will impact everything from your ability to rent and sell your home or business, your ability to keep it, and your quality of life over the next 12 months and beyond.
Despite Newsday reporting that Nassau County home sales have been falling, with prices having hit a peak, Long Islanders should be bracing for much higher property tax bills this year. Here’s what you need to do now.
Budget For Record High Taxes
Make sure you are revisiting your finances and are budgeting for higher taxes across the board. Not just property taxes, but income, capital gains, sales, and estate taxes. Plus, be sure that you are taking into account inflation on living expenses. All of which may be 30% or more higher this year.
Fix Your Flawed Tax Assessment
The amount you owe in property taxes each year is the combination of two factors; tax rates and your assessed value.
Around half of all tax bills are wrong each year. There can be many flaws in your tax bill and assessment. Get them fixed to lower your bills every year from here on out.
Claim Your Exemptions
There are a variety of property tax exemptions and discounts available to you. They can lower your annual tax bill, or even cap potential increases in future years. Learn them, apply for them, and reduce your bill.
Challenge Your Property Tax Bill
Challenge your property tax bill with the help of Property Tax Adjusters Ltd. Chances are that you are far overpaying each year. You could be saving thousands.
Get Your Escrows Corrected
If you have a mortgage on your home, your lender is probably collecting additional money for insurance and property taxes each month as a part of your total payment.
Once you get your property tax bill corrected, make sure that your lender fixes these escrows, and lowers your monthly payments.
If Selling Your Home
If considering selling your home or a commercial property this year, make sure your listing is competitive, with a lower tax bill than other homes or commercial properties on the market. Or buyers will want to offer you less to make up the difference.