The Impact of Property Taxes on NYC's Multifamily Buildings
Property taxes are New York City’s largest source of local revenue. However, the system used to allocate how much tax each owner pays is generally considered to be unnecessarily complex, opaque, and inequitable in how it distributes tax burdens across different property types. This year’s State of New York City’s Housing and Neighborhoods focus report examines inequities within the multifamily class, which includes condos, co-ops, and rental buildings.
Our report will focus on how reforms to the property tax system would impact rental properties by analyzing two key questions. First, what could be done to lower taxes on rental properties so the amount they pay is closer to the amount paid by other owners with similarly valued homes? Second, what should be done, in particular, to reduce the property tax liabilities of lower-income, older rent-stabilized buildings to ease some of the operational challenges these buildings are facing?
Our Panel
- Ana Champeny, Vice President for Research at the Citizens Budget Commission
- New York State Senator Brian Kavanagh (D), Chair of the Senate Committee on Housing, Construction and Community Development
- James Parrott, Senior Advisor and Fellow at the New School’s Center for New York City Affairs and a former Member of the New York City Advisory Commission on Property Tax Reform
- Sharon Redhead, Small Owner of Rent-Stabilized Buildings in East Flatbush, Brooklyn
Our Moderator
- Samantha Maldonado, Senior Reporter, The City Reporter