In the final stages of 2024, various towns and cities across the State of New York are in the process of finalizing their budgets for the upcoming year of 2025. It is not unusual to witness budget increases during this period, but an unprecedented 84% surge in taxes is bound to grab everyone’s attention. This significant tax hike is imminent for a specific city in New York State.
Property Taxes in New York State
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Property taxes in New York may be higher than in most states, but they are not as exorbitant as one might assume. According to Yahoo Finance, New York ranks 13th in the nation for property taxes, which is still significant but not the highest. That distinction goes to New Jersey.
Property taxes play a vital role in funding essential community services such as schools, police, roads, fire and EMS services. These taxes increase when local governments face budget deficits, which is the case for this city.
84% Tax Increase For This City In New York State
Dunkirk, a charming town situated on the shores of Lake Erie in Western New York, has recently given its nod to a significant property tax increase of 84% for the year 2025.
Residents in Dunkirk will see an increase in their property taxes as the new rate will require them to pay nearly $34 per $1,000 of assessed property value. According to Zillow, the average property value in Dunkirk is slightly over $124,000, which means that homeowners can expect to pay approximately $4,200 in property taxes per year. This is a significant increase compared to the previous average of less than $1,000 per year.
The rise in prices is expected to have a detrimental impact on people’s budgets in the year 2025.
The City of Dunkirk is making every effort to maintain its services and support its residents. In fact, they are considering the possibility of merging their police departments with the neighboring Village of Fredonia. However, the residents of Dunkirk may face financial challenges in the near future.
