Reform New York City property taxes: OPINION

Rates should be based on real-world value rather than property classes, writes Crain's

New York /
Oct.October 02, 2014 02:40 PM

The city should reform its overly complicated property tax system to be more transparent and better reflect real-world values, Crain’s opined in an editorial.

While the City Council has promised to convene a commission on reform, elected officials seldom tackle the issue because there is little political benefit to be had, according to the op-ed. Leaders only see the backlash that will ensue from those who would pay more under a more equitable system, and instead offer fixes like the proposed tax on pieds-a-terre.

At the heart of the problem are the city’s outdated tax classes, Crain’s says.

One- to three-family properties account for half of all property value, but owners only pony up 15 percent of tax payments, according to the newspaper. Meanwhile, rental units, co-ops and condos in account for less than a quarter of property value, yet landlords and owners cough up 36 percent of the city’s tax revenue. [Crain’s]Tom DiChristopher


Related Articles

arrow_forward_ios
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Startup wants to demystify real estate tax breaks
Startup wants to demystify real estate tax breaks
Startup wants to demystify real estate tax breaks
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
The agency is challenging $21 billion in deductions over a three-year period (Getty)
IRS probes promoters of tax-deductible property easements
IRS probes promoters of tax-deductible property easements
Photo Illustration of Donald Trump (Illustration by Kevin Rebong for The Real Deal)
Treasury Department must give Trump’s tax returns to Congress: DOJ
Treasury Department must give Trump’s tax returns to Congress: DOJ
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Democrats look to curtail tax break for “pass-through” businesses
Democrats look to curtail tax break for “pass-through” businesses
Democrats look to curtail tax break for “pass-through” businesses
Regeneron CEO Leonard Schleifer and 777 Old Saw Mill River Road in Tarrytown (Getty, Jim.henderson/Wikimedia)
Biotech firm Regeneron plans $1.8B expansion in Westchester
Biotech firm Regeneron plans $1.8B expansion in Westchester
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...