Tax System Favoring Central Park Co-ops and Brooklyn Brownstones Could End

The New York Times ^ | 30 Jan 2020 | Emma G. Fitzsimmons, Matthew Haag and Jeffery C. Mays

[Theoria]

New York City’s antiquated method of calculating property taxes has long allowed owners of multimillion-dollar brownstones in Brooklyn and high-rise co-ops by Central Park to pay less in taxes than working-class homeowners in the South Bronx, relative to the value of their properties.

Now, a high-level city commission empowered by the mayor and City Council speaker is proposing a major overhaul that would fundamentally shift the tax burden to those wealthier neighborhoods and lessen it for low- and moderate-income homeowners.

In a preliminary report posted online Thursday, the commission recommended that the city assess most homes, including co-ops and condominiums, at full market value. Such a formula, while commonplace in many cities and counties, is foreign to New York City, where property taxes are often capped.

The changes, which could affect 90 percent of all homeowners in New York City, according to the commission chairman, would have to overcome many hurdles, including approvals from the mayor, the Council, the State Legislature and the governor, before taking effect.

The new system would raise the same amount of tax revenue for the city; it would just redistribute who pays what.

[headstamp 2]

Embrace the suck fishbowl libs.

[woweeitsme]

Exactly. These are probably the folks that think they should be paying more taxes, so they’ll get their wish.

[billorites]

I understand that Florida and Texas are lovely this time of year.

[RoosterRedux]

The Manhattan real estate market is already on the verge of collapse with about half of new condos sitting empty (Why Manhattan’s Skyscrapers Are Empty"--Approximately half of the luxury-condo units that have come onto the market in the past five years are still unsold.--January 16, 2020).

This will push it over the edge.

[Theoria]

Migration always destroys. Folks fleeing to texas and florida and other states destroy what is ‘there’.

[DeplorablePaul]

Liberals hate to pay taxes. Coupled with the cap on state and local tax deductions, this would swell the out migration from NY.

We need to build a wall on the borders of SC. We’re full.

[lowbridge]

He’s lying! He’s lying!

Texas and Florida are terrible this time of year! As a matter of fact, they’re horrible the entire year through! Stay away! Meth labs and mobile homes will all you find! Crime the highest in the nation! Massive unemployment and starvation! People crapping in the streets! Unaffordable costs of living! Lousy weather! Worst performing schools in the nation! Stay away from Texas and Florida!

(Whats wrong with you, billorities? You trying to ruin those states?)

[Born to Conserve]

It will be interesting to see how much less valuable the properties become when they are overtaxed. The tax receipts could fall as the tax rate increases.