City’s property tax overhaul would increase burden for single-family homeowners

Biggest rise would be in Brooklyn; system would hold down taxes on condos, co-ops

New York /
Mar.March 23, 2020 11:00 AM
Taxes would rise for owners of Manhattan mansions and penthouses, but the biggest shock would be on homeowners in Brooklyn neighborhoods (Credit: Pixabay)

Taxes would rise for owners of Manhattan mansions and penthouses, but the biggest shock would be on homeowners in Brooklyn neighborhoods (Credit: Pixabay)

The preliminary proposal from a mayoral commission to overhaul New York City’s property tax system would raise fees on owners of one- to three-family homes and hold down taxes on co-ops and condos.

An analysis from the Wall Street Journal found that the plan would raise taxes on houses by more than $1.13 billion in total, although more than a third of building owners would pay less.

Taxes would rise for owners of Manhattan mansions and penthouses, but the biggest shock would be on homeowners in Brooklyn neighborhoods ranging from Williamsburg to Park Slope to Bushwick.

The commission was established in 2018 following a lawsuit claiming that the city’s property tax system was unconstitutional. It proposed its first recommendations in January, which argued for getting rid of rules that kept taxes and assessments low and giving abatements to condo and co-op owners who live in their units.

The work is still in its early stages, and the plans call for the changes to get phased in over a five-year period. The commission has started to hold hearings on the proposals. [WSJ] — Eddie Small


Related Articles

arrow_forward_ios
2 East 88th Street and Jacqui Safra (Google Maps, Getty)
Manhattan triplex fetches $60M in biggest co-op sale since 2015
Manhattan triplex fetches $60M in biggest co-op sale since 2015
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
Nikolai Fraiture and 42 and 44 King Street (Getty, Google Maps)
“Taken for a Fool”: The Strokes’ Nikolai Fraiture sues co-op
“Taken for a Fool”: The Strokes’ Nikolai Fraiture sues co-op
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
Photo illustration of 220 Central Park South (iStock, StreetEasy)
Condos sales still dominate co-ops in $10M+ category
Condos sales still dominate co-ops in $10M+ category
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...