A high-level city commission empowered by the mayor and City Council speaker is proposing a major overhaul that would fundamentally shift the tax burden to wealthier neighborhoods, according to the NYTimes. The changes would impact 90 percent of homeowners, but the city would still collect the same amount of money each year.
- Dig Deeper: The commission also proposed requiring owners to pay property taxes based on true market value rather than assessed value. The current system has long been considered inequitable for that very reason. For instance, the 220 Central Park penthouse that Ken Griffin bought for $238 million is valued by the city at $9.4 million.
- Worth Noting: Before any implementation, recommendations would need to pass through the city and state legislatures. City Council Speaker Corey Johnson called the plan “a work in progress”, while Mayor Bill de Blasio voiced his support for the proposals.