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New York Property Tax Monitor Property taxation, assessment, valuation by local governments throughout New York State

New York City’s Enormously Inequitable Property Tax System a Political Hot Potato

Posted in Property Tax Laws, Property Tax News

Nowhere to be found in the Real Property Tax Law is the Law of Unintended Consequences, as exemplified by New York City’s’ regressive property tax system. What seemed like a good idea by legislators years ago to retain City homeownership has morphed to create enormous inequity, and no politician wants to touch it.  A study conducted by The New School finds that the poorest New Yorkers pay the highest real estate tax bills as a percentage of household income while the wealthy pay astoundingly little. The revealing chart below is from the study.

Income and Tax Burdens in New York City