City Council to revamp “outdated” property-tax system

New commission formed to create fairer set-up

Melissa Mark-Viverito and Jacques Jiha
Melissa Mark-Viverito and Jacques Jiha

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“The commission on property-tax reform will spearhead changes to the city’s outdated tax code and create a more equitable and transparent property-tax system to meet the demands of New York City in the 21st century,” an aide for Council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

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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