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I have been doing a lot of research on Garden City lately, and have seen a number of mentions on this forum that Garden City village taxes may spike significantly in the near future. I assume this is due to underfunded pensions, but does anyone have any specific information about what type of debt GC is looking at and what sort of tax increases might be expected/anticipated?
We love the Garden City area (along with some other great towns in Nassau Co.), but the taxes are already eye-watering and if they are due for a material increase, it may just be worth focusing on other options with still-ridiculous, but slightly less brutal taxes.
You can look through the archives of the garden city news for articles pertaining to this subject. Yes, they are slated to have big problems in the next few years. They also have a 1 million dollar bond to demolish the Ellis Hall part of St. Paul's and the rest of the structure remains a point of contention but no matter what is going to put a dent in residents pocketbook no matter what they do.
Yes, I tried going back through the archives and found some articles that mentioned certain things, including St. Pauls, but nothing really was clear with specifics about what type of debt obligations the Village has in the future.
I read several articles last year about the pension obligations they have looming. I'm not that interested anymore having moved 4 years ago but I know they were there. Your other option to get the meeting minutes for Board of Trustee meetings and look them over as the articles were all about BoT meetings.
Other issue which is up in the air is Garden City is part of Town of Hempstead which is nomally a small part of the tax. However, Oceanside, Atlantic Beach, Island Park, East Rockaway, Baldwin etc. Are all also part of Town of Hempstead and post Sandy with tons of flood damaged houses either being sold at rock bottom prices or the numerous Hurricanne Sandy tax grievances the assessed values have falling considerable, even houses not flooded close to water due to stigma and higher cost of flood insurance.
Richer towns like Garden City and Rockville Centre where home prices are rising and Sandy actually helped values as folks want to be away from the water may get clobbered come January 1st with sky high assessed values.
My Nassau Property has not updated any of the Sandy reassessments yet. I would not be suprised if folks end up with a triple whammy of paying high Village taxes and high TOH taxes along with high School taxes.
Rockville Centre and Garden City now has regular looking houses with 30K in taxes that in Laurel Hollow or Cove Neck would be estates out of the great gatsby if they had 30K in taxes.
I predict in two or three years folks will want to move into the flooded towns and away from GC or RVC in TOh towns simply because the taxes will become unbearable.
^^^when we were trying to decide if we should move or not my husband and I estimated that by the time our youngest graduated HS our property taxes would be about $18k. At that point we would only have a couple years left on the mortgage too.
The taxes on our old house are now $15k (1700 sq ft house) and the youngest we talked about is only going into 5th grade. Our estimates were not way off based on historical raises in taxes but realistically for the future they were! At this point I would expect taxes on that house to be $22k or more by the time the class of 2022 crosses the stage and moves their tassels.
^^^when we were trying to decide if we should move or not my husband and I estimated that by the time our youngest graduated HS our property taxes would be about $18k. At that point we would only have a couple years left on the mortgage too.
The taxes on our old house are now $15k (1700 sq ft house) and the youngest we talked about is only going into 5th grade. Our estimates were not way off based on historical raises in taxes but realistically for the future they were! At this point I would expect taxes on that house to be $22k or more by the time the class of 2022 crosses the stage and moves their tassels.
My taxes are back at around 1995 levels so are a few on my neighbors as a result of Sandy. Wont see new values on line till 1-1-2015. But me thinking somewhere somehow somone got to cover the fact my assessed value fell 60 percent in two years.
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