Revamping property taxes could produce $4 billion in funds, according to business-supported watchdog group Citizens Budget Commission.
Mayor Bill de Blasio’s plan to increase income taxes to help fund after-school and pre-kindergarten programs is slated to raise $530 million. But Citizens Budget Commission said that the city’s take could be up to eight times that — if the mayor targets the wealthiest residents. Nearly 50 percent of all property value in the city is tied to owners of one- and multi-family homes who pay 15 percent of the $21 billion in yearly taxes, the commission told Bloomberg News. [more]