Thursday, August 18, 2016

What Causes Property Taxes to Rise?

Property Tax Reduction Consultants
125 Jericho Turnpike, Suite 500 
Jericho, NY 11753
(516) 484-0654 or (631) 484-0654

P.T.R.C. Inc. | Property Taxes | Long Island Property Taxes

Long Island homeowners - have you ever seen an increase in your property tax bill and not wonder why there was a change? We didn't think so - we'd be curious too! Although there are plenty of homeowner expenses that are fixed, meaning that they won't change, property taxes aren't one of them. That said, you'll at least want to know what could cause a potential increase! Here are a few answers for you:

Completely remodeling or other home improvements.
Remodeling entire rooms in your home or even making minor updates will most likely result in your home's assessment going up, and since your home's assessment is part of the property tax equation, it could result in higher taxes too.

An increase in property value throughout the neighborhood.
If the property values in your neighborhood are going up, chances are yours will too. Again, since this is considered in the property tax equation, you may experience higher property taxes the next time yours are due as a result.

It becomes an economic necessity.
Property taxes are a major source of funding for local governments, so if your county or city is having budget troubles, raising property taxes could be their solution to make up the money that they need.

School districts also rely heavily on property taxes for funding, and if expenses become too much that they require additional help from the local government, again, raising property taxes for homeowners may be their solution.

Although it can be unavoidable at times, there is something you can do if you feel that your property taxes are too high - file a tax grievance! Here at P.T.R.C. Inc., we work with homeowners in both Nassau and Suffolk County to try and find savings on their property taxes - you could be next!

When the application period opens (check our website for updates on this), all you have to do is submit a signed application to us, and then we'll take care of the rest.

For more information about how we can help, please give us a call at (516) or (631) 484-0654 or email info@ptrc.com.

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