New York & Tri-State + Midtown New York + Finance | May 26, 2020

RE Groups Call for Freeze on NYC Property Tax Rates

A diverse group of business and property owners, civic leaders and community advocates asked the de Blasio administration to provide property tax relief to offset rising expenses and economic instability resulting from the Covid-19 pandemic.

The Real Estate Board of New York (REBNY), the NAACP NYS Conference, the Council of New York Cooperatives & Condominiums, the Hospitality Alliance, the Hotel Association of NYC, Building Owners and Managers Association, and Brooklyn and Queens Chambers of Commerce are calling for three immediate steps:

• Freeze property tax rates and assessments so that tax bills do not increase
• Reduce interest penalties from 18% to 3%.
• Allow owners to pay their taxes on monthly payment plans

New York City property tax rates have increased nearly 50% since Mayor Bill de Blasio took office, and are set to rise again in the midst of a severe economic and public health crisis, REBNY notes.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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