Wallet Watch newsletter: Why are property taxes so high?!
Peter Zhao, a Westbury resident, pays about $15,600 annually in property taxes with about 74% of those funds going toward school taxes, including library taxes.
Before becoming a business reporter, I covered local government for around four years. But across jobs, I've frequently heard Long Islanders asking the same question: Why are my taxes so high?
My colleague Jonathan LaMantia and I interviewed six Long Island homeowners and compiled information from 12 town assessors to look for an answer.
Local governments rely heavily on property taxes for funding, experts said. That, combined with relatively high property values and government spending, all contribute to Long Island's high tax bills. In the data we reviewed, school and library taxes commonly made up around two-thirds of property tax bills, although the percentage varied from place to place.
Residents we spoke to said they value investing in schools and the government services funded by their taxes. But they questioned the high cost of living here, and many are considering ditching the Island altogether.
Besides leaving for lower taxes elsewhere, there are a few ways homeowners can reduce property taxes. There's no penalty for grieving your taxes in New York, so experts advise filing grievances every year. Homeowners can also apply to STAR, the New York State School Tax Relief Program, and check with their town for other tax exemptions they may qualify for.
How much are your property taxes, and how do you feel about them? We want to know. Send an email to walletwatch@newsday.com.
Read more about Long Island property taxes here.
From our readers
Ben Milano from Holtsville said:
Food prices continue to strain family budgets, with meat and cereal becoming especially expensive. Many households are forced to cut back on nutritious meals or buy lower-quality alternatives. Rising grocery costs make it harder for seniors, working families and those on fixed incomes to keep healthy food on the table every week.
Groceries aren't cheap. Long Island has been facing high inflation for years and once prices go up, they rarely come back down. The cost of meats, poultry, fish and eggs in the New York metro area in June was 2.7% higher than last year — although 1% lower than in May. Prices for cereals and bakery products were up 2.7% in June from the year before.
Although it may not make up for years of inflation, many major grocers have cut prices in recent months to lure in shoppers from discount stores. For instance, this spring, Stop & Shop lowered prices between 5% and 35% on thousands of products at supermarkets in the tristate area, Tory N. Parrish reported. Walmart and Sam's Club also recently announced temporary rollbacks on prices for goods like beef, snacks and other summer staples, Victor Ocasio reported.
That said, high prices are still around. Experts recommend planning meals in advance and buying only what you need to save money.
Here are some other tips from experts:
- Freeze produce, meat and bread to extend their shelf-life.
- Buy produce frozen or in season, and buy dry ingredients like beans or rice.
- Avoid brand-name and packaged snacks.
- Double up meals and lean on leftovers.
Check out this article I wrote last summer for more pointerson how to save on groceries.
What does your grocery bill look like? Have you noticed any weird trends at your food store? Let us know at walletwatch@newday.com.
Have a question you'd like to submit? Confused by a bill? Spotted a price hike? Ask our team and we might answer it in the next edition. Email walletwatch@newsday.com or click here.
Brianne Ledda covers personal finance and affordability for Newsday. She previously covered Southold and Greenport for The Suffolk Times and is a graduate of Stony Brook University.
