The Role of Property Taxes in Local Government Funding

 

Property taxes are a significant source of revenue for local governments on Long Island. However, many homeowners struggle to understand how their property taxes are calculated, why their taxes fluctuate, and where their tax dollars go. So, our team is here to go into detail about the role of property taxes in local government funding on Long Island and help homeowners gain a clearer understanding of how their tax dollars affect their communities.

The System

The property tax system on Long Island is based on the assessed value of a property. Each county on Long Island assesses properties at a certain percentage of their market value, and each town then sets its own tax rate. This rate is applied to the estimated value of each property to determine the amount of property tax owed.

What Do Property Taxes Fund?

Property taxes fund a range of services provided by local governments, such as:

• Schools
• Police departments
• Fire departments
• Sanitation departments
• Water districts
• And much more

However, the allocation of property tax revenue depends on the priorities and funding needs of each local government. For example, a town with high property values may need to allocate additional tax revenue to fund schools or infrastructure improvements.

Fluctuations in Property Taxes

It’s important to note that property tax rates can fluctuate from year to year as local governments adjust their budgets to reflect changing needs. Additionally, homeowners may be eligible for exemptions or reductions in their property taxes, such as the Senior Citizens Tax Exemption, which can significantly lower their tax bill.

The Issue of High Property Taxes on Long Island

The property tax system on Long Island has been the subject of scrutiny and debate due to its impact on homeowners. Many homeowners need help to keep up with the high cost of living on Long Island, and property taxes are a significant expense. As a result, some homeowners have applied for a property tax grievance with the help of our team to get relief from this burden.

 

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