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In April, City Council Speaker Melissa Mark-Viverito unveiled an ambitious proposal to re-imagine New York City’s property tax code.
Because Mayor Bill de Blasio’s first budget proposal would continue to rely on revenue generated by a property tax code experts across the political spectrum consider insane, Mark-Viverito suggested, in response, that she and the mayor create another commission to examine the issue.
“The commission on property-tax reform will spearhead changes to the city's outdated tax code and create a more equitable and transparent property-tax system to meet the demands of New York City in the 21st century," she said in a statement provided to the Wall Street Journal.
At the event the story was designed to preview, Council finance chair Julissa Ferreras said the commission would look like former mayor David Dinkins’ 1993 Real Property Tax Reform Commission, which was appointed by the mayor and Council president and led by the city finance commissioner.
Mark-Viverito's office said the commission would be created in the “near future.”
Eight months later, the idea appears to have fallen victim to a reluctance on the part of the Council and mayor to delve into a problem that is both mind-numbingly complex and politically dangerous.
9 comments:
"create a more equitable and transparent property-tax system to meet the demands of New York City in the 21st century,"
TRANSLATION: "Higher property taxes, the only tax you have no say in and can do nothing about"
Anon that depends where you live.
- In the 2014 fiscal year, one-, two- and three-family homes, which together made up 46 percent of New York City’s real estate value, paid just 15 percent of the city’s overall levy.
- Apartment buildings only make up 24 percent of the city’s property value, but paid 37 percent of its property taxes.
- Office towers make up 27 percent of the city’s real estate value, but paid nearly half its real estate taxes (42 percent).
translation: "homeowners, get ready to get it jammed up your ass!"
"- Apartment buildings only make up 24 percent of the city’s property value, but paid 37 percent of its property taxes."
Aren't most apartment buildings operated as businesses?
Illegal amnesty will not be cheap
All those benefits have to be paid
for through property tax.
Operated as businesses anon? Yes, that's why it's seen as okay to hit them with higher tax rates. Not like those get passed onto the renter or anything. No, you're just taxing greedy businesses.
Since the elected officials of NYC are scared shitless of the large business communities, who is left to pay for this city's ridiculous largesse?
It's time for the property tax system to make the distinction between rental and owner-occupied for the 1- 2- and 3- families.
Why make a distinction between rentals and owner occupied anon?
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