State Lawmakers Step Into Overhaul of NYC Property Tax System (1)

One state senator called the New York City property tax system “a monstrosity.” A former city finance commissioner said it’s unconstitutional and should be placed under court order. And the owner of a long-established Harlem newspaper said it’s threatening the survival of small businesses across the city.

They all agreed in an animated Dec. 4 roundtable discussion, however, that the city’s much-maligned property tax framework is decades overdue for a comprehensive legislative fix. How to tax condominiums and co-ops, protect homeowners and small businesses from unexpected tax spikes, and unravel the complexities of assessing market value are among the unresolved ...