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Five Key Takeaways From Bloomberg’s Study of NYC Property Taxes

Oct. 14, 2021, 4:01 AM

U.S. property taxes, which raise more than $500 billion annually for public schools, fire departments and other local services, are supposed to be based on property values as determined by local assessors -- the higher the assessment, the higher the tax bill. But studies have shown systematic unfairness nationwide: Officials tend to overvalue low-priced properties while undervaluing the high-priced ones, a pattern known as regressivity. Researchers have highlighted New York City, which collects $30 billion a year in property taxes, as a primary example.

Bloomberg News examined New York’s outcomes and methods. Here are five key takeaways:

Flawed valuations contribute to inaccurate ...