The Real Deal New York

NYC should implement 2 percent tax cap: OPINION

Limitations already in place in the rest of the state
March 27, 2015 11:42AM

New York City should adopt a bill that would limit the increase on annual property taxes to 2 percent, Martha Stark, professor and former commissioner of the city’s Department of Finance, wrote in an editorial for Crain’s.

Stark wrote that while Mayor Bill de Blasio opposes the bill, which was recently passed by the state senate, it would be “more responsible and honest” than the current city tax policy.

“A cap could also improve transparency and fairness,” she wrote. De Blasio, in turn, argues that the measure would deprive the city of millions of dollars.

Since 2004, Stark said, taxes paid by property owners rose by 84 percent to $22.6 billion from $12.2 billion.

“The average homeowner’s annual tax bill has risen to $4,607 from $2,354. Even during Mr. de Blasio’s short time in office, the property-tax levy has increased by $1.3 billion, and will increase this year by another $1 billion,” Stark wrote.

With a cap in place, more residents would be able to enjoy rising property values without having to shoulder a subsequent spike in property taxes. [Crain’s] — Claire Moses