NYC Property Tax Overhaul Unlikely to Get Approval This Year

The final version of a plan for the most sweeping overhaul of New York City’s property tax system in almost 40 years probably won’t be done in time for state lawmakers to act on it this year, after a city commission fell behind on its ambitious timetable.

Given the “complexity and history” of the issues, it’s very likely that there will be “an elongated process before action will be taken,” said Marc. V. Shaw, a former deputy mayor who’s chairman of the New York City Advisory Commission on Property Tax Reform. “The bottom line is that it’s an enormously complicated ...