City Council to revamp “outdated” property-tax system

New commission formed to create fairer set-up

TRD New York /
Apr.April 23, 2014 10:05 AM

The City Council is expected to propose sweeping changes to property taxes today, including appointing a commission to make recommendations and host public hearings.

“The commission on property-tax reform will spearhead changes to the city’s outdated tax code and create a more equitable and transparent property-tax system to meet the demands of New York City in the 21st century,” an aide for Council Speaker Melissa Mark-Viverito told the Wall Street Journal.

Mayor Bill de Blasio’s aides said yesterday that an increase in the property-tax rate will not be proposed. The mayor is set to unveil an updated budget plan on May 8.

Jacques Jiha, who was appointed earlier this month as commissioner of the city’s Department of Finance, has said the property-tax system is fraught with “a lot of unfairness and inequity.” Mark-Viverito and de Blasio would jointly appoint members of the new commission on property taxes. [WSJ]Mark Maurer


Related Articles

arrow_forward_ios
Senator Brad Hoylman and Billionaires' Row (Credit: StreetEasy, NY Senate)

Pied-à-terre tax to make a return in Albany, lawmakers say

From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)

“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones

212 Fifth Avenue and Jeff Bezos (Credit: StreetEasy and Getty Images)

June was the best month ever for New York’s luxury market. July is another story.

Tuscany, Italy (Credit: iStock)

Benvenuto! Why the number of high-net-worth individuals applying for Italian residency may spike

(Credit: iStock)

For one month, Manhattan’s resi market returned to glory. Why it won’t continue.

Jersey City Mayor Steve Fulop (Credit: Getty Images)

Jersey City mayor’s ally is subject of grand jury inquiry into tax evasion

No longer New Yorkers: Some are fleeing the tri-state and heading to lower-tax areas

“Everyone’s trying to sell before July," noted Vicky Barron of Compass. “It’s bonkers.” (Credit: iStock)

It’s deal frenzy before the taxman cometh

arrow_forward_ios