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He knows that if he were to really fix it he'd be pissing off his rich neighbors in Brooklyn. And of course he himself doesn't want to pay his fair share. He rather just continue to tax us all through hidden inflation.
"For the record, the city’s property tax system favors homeowners in single-family homes, condos and co-ops over renters. It benefits homeowners in neighborhoods where property values have soared over those in less well-off areas. It especially reduces taxes for the most expensive condos. In doing so, it favors whites over minorities."
Renters don't pay property taxes, and from reading this statement, one would presume there are no minority homeowners in communities where property values have soared.
Oh, how weird that a guy who gets a massive amount of campaign donations from real estate moguls and REBNY isn’t going to reform a property tax program that greatly favors them. Really odd coincidence here.
It's a strange tax system. I looked up homes in Kew Gardens and Forest Hills with a market value of $1 million or more and their taxes are the same as my home which is less than 2/3rds in market value. I looked up my childhood home in Woodhaven which now has $100k more in market value than my present Queens home and their taxes are $2500 less annually.
It's a strange tax system. I looked up homes in Kew Gardens and Forest Hills with a market value of $1 million or more and their taxes are the same as my home which is less than 2/3rds in market value. I looked up my childhood home in Woodhaven which now has $100k more in market value than my present Queens home and their taxes are $2500 less annually.
Historically in parts of Queens where there were a lot of NYPD and FDNY living, the city set up the system so they would get big discounts on property taxes. Those survive today even if most of those guys bolted for Long Island a long time ago
"For the record, the city’s property tax system favors homeowners in single-family homes, condos and co-ops over renters. It benefits homeowners in neighborhoods where property values have soared over those in less well-off areas. It especially reduces taxes for the most expensive condos. In doing so, it favors whites over minorities."
Renters don't pay property taxes, and from reading this statement, one would presume there are no minority homeowners in communities where property values have soared.
It's funny because it isn't true.
Landlords pass along all costs of doing business to tenants via rent; and that includes property taxes. Sadly nearly 60% of NYC rental housing is under some sort of government control (RC, RC, NYCHA, vouchers, etc...) so tenants are protected from true market rate increases (which would include property taxes), but never the less.....
Rental housing (outside of two or three family homes) are taxed at commercial rates. Also unlike 1-3 three family homes there isn't a yearly cap on increases/decreases. City is free to raise commercial rates whenever it wants and those hikes kick in at once.
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