New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

HABITAT

LEGAL/FINANCIAL

HOW LEGAL/FINANCIAL PROBLEMS ARE SOLVED BY NYC CO-OPS AND CONDOS

New Round of Virtual Public Hearings on Property Tax Reform

New York City

Property tax reform, COVID-19, Bill de Blasio, co-ops and condos, market value.
June 4, 2021

The drive to reform New York City’s property tax system is not dead. After a long pandemic-induced hiatus, the city’s Advisory Commission on Property Tax Reform has announced that it will hold three virtual public hearings on the 10 recommendations contained in its Preliminary Report. The hearings are scheduled for Queens on June 9, the Bronx on June 14 and Manhattan on June 16. All three hearings will begin at 6 pm. Flyers with additional details about the hearings are available in multiple languages on the Commission's website here

On January 31, 2020, shortly before the pandemic hit, the commission released its Preliminary Report. Among its recommendations were: move co-ops, condos and rental buildings with up to 10 units into a new residential class along with one- to three-family homes; use a sales-based methodology to value all properties in the residential class; assess every property in the residential class at its full market value; phase in annual market value changes in the new residential class over five years, at 20% per year; and review the property tax system every 10 years.

The commission was formed by Mayor Bill de Blasio and City Council Speaker Corey Johnson in 2018 with a mandate to reform the city’s property tax system – without reducing revenues that fund essential city services. For every winner in any reforms, therefore, there will be an equal loser. For this reason, among others, tax reform has proven elusive for decades.  

The public may register to testify at the upcoming hearings on the commission’s website by clicking here. Anyone wishing to testify must register at least 24 hours in advance of the hearing. Following registration, speakers will receive further instructions. Residents who register to testify do not need to live in the borough where the three hearings are originating.

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