Long Island is one of the most sought-after locations on the East Coast and is well known for being an expensive place to live. But, here’s the kicker– people who live in Long Island don’t actually make much more money than their neighbors in less expensive surrounding neighborhoods. And yet, homes, groceries, gas, and all other living expenses tend to cost more here than in other places. Struggling with Property Taxes in Long Island? Well, it should be no surprise because one of the most expensive factors about living in Long Island are the property taxes. They’re 3-4 times the national average and many citizens struggle to make payments on time and in full.
So, if you’re having a hard time paying your mortgage and/or property taxes, don’t despair. If you cannot pay your property taxes in full, you may have a few options available to you. In most cases, the regulations regarding your payment options for your property taxes depend on the local government in your area. Property taxes are set by your local government, and the local municipality controls the amount of interest or late fees that may be charged to you if you fail to pay on time.
An installment payment plan is one option if you can’t pay the full amount of your property tax. Under this plan, rather than pay the property tax in full all at once, you simply pay half of the amount twice before the due date. This will clear your tax debt without you having to come up with the entire balance right away. Another option is to simply pay what you can before the due date arrives, then you will most likely be given interest or a penalty on the delinquent amount after the due date has passed. You may also try to negotiate a hardship exemption or a tax deferral, depending on whether these options are available where you live.
Failure to pay any portion of your property taxes can result in both financial and legal ramifications, depending on the local ordinances that apply to your area. Not paying any amount of your taxes is the worst thing you can do, and in most cases the local government is happy to consider an installment plan as long as it resolves your debt by the recognized due date. You may also wish to consult with a property tax attorney if you need help negotiating with the county.
If you live in Long Island and are struggling to pay your property taxes, your best bet is to meet with a tax attorney or find out what else you can do before the situation becomes serious. The worst thing you can do is nothing. At Metropolitan Homes Group, we stand ready to help people in their dire moments. I offer free consultations to people who are struggling to keep up with mortgage or property tax payments. Together, we can come up with a plan that will work for you.