Higher taxes on condos and co-ops, preferential treatment for year-round primary residences, and a higher-tax zone for midtown Manhattan areas are among reform ideas being floated as New York City considers the first changes in its property tax system in two decades.
Members of the city Advisory Commission on Property Tax Reform on Dec. 13 peppered a panel of expert witnesses at a public brainstorming session with questions on how best to improve fairness and transparency in the opaque and complex system, which is expected to collect $26.4 billion—or 45 percent of total city revenue—in the current fiscal year.
The ...
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