How Declining Home Prices Impact Property Taxes
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How Declining Home Prices Impact Property Taxes By Admin Thursday, June 2, 2022 We may have just experienced one of the fastest turns from a seller to a buyers' real estate market. What does it mean for your property tax bills on Long Island? Will you finally get some financial relief? Will we finally get some fairness? Or are you going to have to fight for the property tax break you deserve? Home Sellers Are Slashing Prices In just a matter of weeks we have gone from seeing house prices grow at a new record breaking pace, to seeing asking prices being slashed just as furiously by home sellers. As many as 30% to 40% of home sellers have been cutting prices according to new data. Home sellers know that if they aren't picked by buyers now, chances are they will be stuck, and just see their home values fall underwater over the months and years ahead. Prices & Values Are Coming Down As pointed out at the beginning of the year, a slowing of home sales volume, leads to these asking price cuts, and in turn lower prices and values. Many may quickly find that they owe more on their mortgages than their homes or business properties are worth. You've already felt your property taxes being raised over the past few years. If your property value goes down, then your tax assessment should be reduced, and property bill should go down too.
