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New york citys convoluted property tax system, now exactly 50 years old, overtaxes large multifamily buildings, making it harder to build enough apartments to solve the citys housing crisis. Nycs current property tax system is a failure on multiple fronts: Its discriminatory and regressive and violates the principle of uniform assessment.
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As a matter of law, properties within. The nyc department of finance administers benefits can help you pay less property tax by reducing your property's assessed value or providing tax credits. The organization alleges its an unfair system with an inequitable and discriminatory disparate impact on certain protected classes of new york city property owners. We propose reforms guided by the principles that any property tax system should be fair, simple, and transparent.
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Depending on what kind of property you own now and what reforms ultimately are adopted, property tax reform could lower or raise your taxes. Reduce the tax rate on new large rental buildings by 30%, dramatically reducing the disparity in taxation between new rentals and condos. New york city has been ordered to overhaul its tax system in a landmark ruling by the states highest court after black property owners claimed the process favors their counterparts in whiter. Nyc's property taxes are so unjust, esoteric and opaque that it feels intentional but only the state legislature in albany can make changes and bring fairness to the system.