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Panel Will Weigh Overhaul of NYC’s Property Tax System
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and to register.
The de Blasio administration has put together a commission to recommend ways of overhauling the city’s property tax system. Co-chaired by former housing commissioner Vicki Been, the commission aims to make the tax system “simpler, clearer and fairer,” according to a statement.
At present, the system is frequently criticized for shifting the tax burden to apartment landlords while favoring owners of single-family homes, condominiums and co-ops. Oral arguments are scheduled for June 13 in a class-action lawsuit brought by Tax Equity Now New York (TENNY), a coalition including some of the city’s biggest apartment owners.
The commission will study the current tax classification system; methods of determining property market values and assessments; treatment of property value increases; relief for low-income and senior homeowners; and methods of calculating rates. Its recommendations may include changes that could be made at the municipal level, and those that would require state legislation.
For comments, questions or concerns, please contact Paul Bubny
