Property Tax Reform
At long last, the mayor and city council have announced a commission to address New York City’s unfair property tax policies. Penalizing the owners of some types of property while rewarding others, the system deforms the market and limits choice. Elected city officials will do New York property owners a great service if they can establish fairness in assessments and levies.
The Facts You Need to Know
Condos: Manhattan condominiums enjoy favoritism under the current system, paying relatively low taxes because they’re treated as rent-stabilized units. Read more.
Balance: Caps on assessment increases keep homes in hot neighborhoods undervalued, while homeowners in staid areas have to pay disproportionately higher amounts. Read more.
Use: New York City property is taxed differently according to its use, a system that many economists find unproductive and inefficient. Read more.
“The city’s property-tax system is a crazy quilt constructed with little obvious rationale.”
Make NYC Property Taxes Great Again: Mayor BdB, @NYCSpeakerCoJo present Property Tax Advisory Commission w/ Vicki Been, Marc Shaw, Carol O'Cleireacian, Felice Michetti, etc. I was on O'Cleireacain's commission in 1990s; Giuliani had one too. Nothing changed & won't now either.— Lois Weiss (@LoisWeiss) May 31, 2018
The Past is Present
”New York’s property tax oppresses the poor, destroys housing stock, and discourages new business. Even worse, it costs the city money.”
And in other news...
”The bill, however, still faces an uncertain fate in the state Senate, where it remains in the Health Committee.”