City Comptroller Brad Lander Encourages Renewed Effort to Address New York City’s Flawed Property Tax System

 

City Comptroller Brad Lander today reiterated his support for comprehensive reform of New York City’s flawed property tax system.  

“New York City’s unequal and regressive property tax structure treats similarly situated New Yorkers differently depending on arbitrary categories and where they reside within the City, disproportionately affecting homeowners of color in tax-disadvantaged neighborhoods. Moreover, inequities in our property tax system fundamentally hamper the supply of new rental housing, at a time when our city is facing a housing affordability crisis,” said New York City Comptroller Brad Lander.  

Among the flaws in NYC’s convoluted property tax system, Comptroller Lander highlighted:  

• Similar properties are taxed at different rates depending on where they are located within the City.  As a result, the City’s property tax system does not treat similarly situated or valued properties uniformly.   

• The disparate assessment and taxation result in residential properties in neighborhoods with a majority of homeowners of color to be assessed and taxed at higher rates than majority-white neighborhoods. 

• High-value condos and condominiums are assessed as if they were rent-regulated apartments.  As a result, some of New York’s most valuable properties are assessed and taxed at artificially low rates.  

Comptroller Lander urges State and City officials from every branch of government to work together to establish a more just property tax system. The Comptroller’s Office endorsed the core recommendations of the NYC Commission on Property Tax Reform and outlined additional principles in a report issued in March 2022.