Property taxes place a financial burden on the finances of many Mid-Hudson Valley residents. 58% of residents in the region are adversely affected by these costs. 30% of Mid-Hudson Valley residents say paying these expenses puts a great deal of strain on their family budget and another 28% believe they cause a good deal of financial stress.
73% of homeowners are financially strained by these costs including 38% who report property taxes put a great deal of pressure on their family budget.
As already noted, there are differences at the county level. More Putnam County residents are burdened by property taxes in part due to the high rate of homeownership in the county. 69% of Putnam County residents feel property taxes place a financial strain on their household budget including 43% of county residents who describe property taxes as a major financial burden. A majority of residents in each of the other counties describe property taxes as a financial hardship.
When we consider only those residents who are affected by property taxes instead of Mid-Hudson residents as a whole, we find most property owners consider property taxes to be a considerable financial strain on their household budget. These opinions are consistent regardless of a property owners’ income, age, or racial or ethnic background.
Overall, most Mid-Hudson Valley residents, especially homeowners, report property taxes are a financial strain on their family budget. Property owners from all walks of life report the financial strain of meeting these costs.
The issue of taxes is a concern for a considerable proportion of Mid-Hudson Valley residents. Many people in the region would like to see their community focus more on reducing taxes.
Mid-Hudson Valley residents characterize the issue of reducing taxes as a top priority for their community. In fact, nearly half, 49%, of all residents believe this issue deserves a score of ten on a scale of one to ten with ten being the highest priority. Overall, residents rate this issue with an average score of 7.9 making it one of their top three priorities for the region along with making health care more affordable and keeping businesses in the area.
Concern about taxes is particularly prevalent among Putnam County residents. It is their highest priority for the region, and they give this issue an average score of 8.1. Reducing taxes is also one of the top priorities for Orange County residents along with making health care more affordable and keeping businesses in the area.
This is not surprising, however, given that the high cost of taxes is pricing many residents out of the Mid-Hudson region. 17% of those residents who intend to leave the area in the next five years say the tax burden is the main reason they plan to move away.
