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