NYC Homeowners’ Tax Burden Would Shrink Under Overhaul Proposal (2)

Owners of one-, two- and three-family homes—including co-ops and condos—stand to benefit if New York City adopts recommendations from an independent fiscal monitor on its effort to overhaul the property tax system for the first time since 1996.

The Nov. 27 plan formulated by the nonpartisan Citizens Budget Commission feeds into the deliberations of a city advisory panel looking into ways to fix the much-criticized system’s shortcomings in fairness and transparency. The panel is developing its preliminary reform proposal, having collected public testimony across the city’s five boroughs over the past two months. A hearing for expert ...