Guest op-ed: Fixing a Broken Property Tax System
It’s no secret: the New York City property tax system circa 2018 is badly broken. It’s outdated, unfair and excessively complicated.
Over the past nearly four decades, inequities have sprung up across the city because of the way current tax laws were structured back in 1981.
As a result, people living in million-dollar brownstones in scorching hot real estate markets have lower effective property tax rates than homeowners elsewhere in Brooklyn who have lower property values. The homeowners I represent in Bay Ridge, Dyker Heights, Bath Beach, and Bensonhurst have certainly not been immune to this dysfunction.