NYC Panel Recommends Tying Property Tax Overhaul to Sales Value

New York City should overhaul its complicated property tax system by classifying small residential buildings, family homes, condominiums, and co-ops in the same category and assessing them based on sales value, an advisory commission convened by Mayor Bill de Blasio and City Council Speaker Corey Johnson says in preliminary recommendations.

• The commission recommended a new classification for condos, co-ops, residential buildings with 10 units or less, and homes for one to three families. Those properties would be taxed at their full market value, with changes phased in over five years and certain income-based exemptions and ceilings.
• Commercial property and residential ...