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NYC Property Taxes Favor The Rich, Hits Lower Class Harder: Report

NYC Property Taxes Favor The Rich, Hits Lower Class Harder: Report

(Christopher Robbins) New York City's property tax assessment system has been unfairly milking the less-fortunate for decades, and it seems little has changed under the Bloomberg administration. A report by the Daily News shows that the city continues to undervalue homes in tony neighborhoods like Brooklyn Heights and the Upper East Side while overvaluing houses in less-affluent areas like East New York and Mott Haven.

According to the report, the Independent Budget Office determined that there are "wide disparities" in how the City Finance Department determines what "market value" means.

"Take East New York/Cypress Hills, where 51% of residents received some form of public assistance in 2010 and crime has jumped 14% since 2011.

The median sale price for residential properties there is $249,000, but the Finance Department put the median estimated value there at $394,000, the budget office found.

Meanwhile, the city appears to undervalue homes in many upscale and middle-class neighborhoods, finding “estimated market values” that are less than actual sales prices.

This is true in the West Village and the Upper East Side, where property values never seem to diminish, as well as gentrifying neighborhoods like Fort Greene, DUMBO, East Williamsburg and Greenpoint in Brooklyn, the study found."

Read More: Gothamist

Photo: Syda Productions/Shutterstock

 

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