New York Assemblymember Dan Quart (D New York City) released his white paper, New York City Property Taxes: An Unbalanced Burden today. His report sheds light on the inequities inherent in New York Citys current property tax system and its effect on affordable housing.
The white paper identifies three major inequities for residential taxpayers that come out of the structure of the system. Taxpayers who live in apartments, rather than detached homes, are systemically overtaxed. Owners of the most expensive apartments in the city are systemically under-assessed, resulting in systemic undertaxing and an increase in the tax burden for the rest of apartment owners. Finally, renters, who indirectly pay property taxes for the buildings they live in, are systemically overtaxed and overwhelmingly dont even recognize that they are a part of the property tax system.
In 1996, the state legislature required New York City to devise a comprehensive plan to bring more equity to our property tax system, Assemblymember Quart said. Since 1996, we have reiterated that requirement five more times, to no effect. Our current system is regressive, expecting renters and middle-class homeowners to shoulder a disproportionate share of the burden. Its time for the Mayors office to live up to its obligation to create a progressive property tax system.