Bloomberg Tax
March 31, 2021, 8:45 AM

NYC Property Tax Overhaul Fizzles Out Amid Pandemic, Politics

Donna Borak
Donna Borak

Almost every year since 1992, the governor of New York has granted a request by New York City’s mayor and City Council to shave property tax bills for a sliver of wealthy residents.

The targeted relief has meant residents of affluent, fast appreciating homes in neighborhoods like Park Slope, Williamsburg, and Sunset Park have been the greatest beneficiaries of the current tax system.

That springtime tax break for the rich is still on track—it’s even baked into Mayor Bill de Blasio’s budget—while promises of help for property owners on the other side of the spectrum has fizzled. The best opportunity ...

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