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New York

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

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.

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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

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