Republican mayoral hopeful Nicole Malliotakis on Thursday outlined her plans to overhaul New York City’s property tax system, saying that if elected, she would establish a bipartisan panel to develop reforms.
Malliotakis, speaking at a news conference on the steps of City Hall, pointed to differences between her property tax bill and that of incumbent Democrat Bill de Blasio to illustrate what she described as “inequities” that result from the city’s current property tax code.
Malliotakis, a state assemblywoman who lives on Staten Island, paid $5,521 in city property taxes on her home that has a market value of at $549,000, according to 2017 property tax records. Meanwhile, de Blasio paid $3,581 in taxes for his primary residence in Brooklyn that is valued at $1.97 million, according to property records.
Under the city’s current tax code, the city caps how much a property’s assessment can increase from year to year to 6 percent. Activists who have been calling for a change to the code say the current law benefits property owners in booming communities such as de Blasio’s Park Slope neighborhood, because those property owners end up paying proportionally less in taxes than property owners in other outerborough neighborhoods that are experiencing slower growth.
“Four years ago, Bill de Blasio ran on a platform of closing the gap in the ‘Tale of Two Cities’ but he has done nothing to close it and seems perfectly fine with lower income middle class New Yorkers subsidizing the homes of millionaires, including his own,” Malliotakis said.