Features, Finance, Law and Politics, New York

NYC To Reform Tax System

June 7, 2018

By Neal Tepel

NEW YORK, NY — Mayor de Blasio and Council Speaker Johnson announced the formation of an advisory commission to reform New York City’s property tax system. The group will be co-chaired by Vicki Been and Marc Shaw. The commission will be holding at least 10 public hearings.

“To be the fairest big city, you need a fair tax system. For too long, New York City taxpayers have had to grapple with a property tax system that is too opaque, too complex, and just feels unfair,” said Mayor Bill de Blasio. “New Yorkers need property tax reform, and this advisory commission will put us on the road to achieve it.”

 The advisory commission will evaluate all aspects of the current property tax system with an eye towards transparency and efficiency. A comprehensive review will include: The tax classification system; The methods of determining property market values and assessments; Treatment of property value increases; Relief for low-income and senior homeowners; and Method of calculating tax rates. The advisory commission’s recommendations may include changes that could be made at either City or State level, as well as those that would require state legislation.  The commission will also review comparable property tax systems across the nation.

“This is an important first step towards addressing inequities in this city’s  property tax system. It is crucial that we work to bring clarity and fairness to this process, which has long perplexed the public and left many feeling hoodwinked by the city government tasked with representing them. The Council looks forward to rolling up our sleeves and addressing this long-standing problem,” said Council Speaker Corey Johnson.

June 7, 2018

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