New York City’s byzantine property tax system has left homeowners with increasingly burdensome obligations that have pushed them deeper into debt — and may eventually give some no choice but to leave.
Property taxes for low- and middle-income New Yorkers who own units in co-ops and condos have seen their bills double or triple in a span of two decades as real estate values have soared — a product which expert say is the result of a broken system.
An analysis by Bloomberg found that in many cases middle- and low-income residents pay higher rates of property tax than the owners of multi-million dollar brownstones.
That’s because New York State’s 1981 overhaul of the city property tax system favored residential units no higher than three stories, which are usually single-family homes or offices with one or two attached apartments.
NYC homeowners slam tax bill: ‘Living here is getting difficult’
- by: Ariel Zilber
- 02-01-2022
- Source:
New York Post
- 02/02/2022
brown building by Rachel Martin is licensed under Unsplash unsplash.com
brown building by Rachel Martin is licensed under Unsplash unsplash.com
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