New York CIty Council Member Ben Kallos

Erin Hudson

The Real Deal NYC lawmakers to fix property taxes … in 2030? by Erin Hudson

NYC lawmakers to fix property taxes … in 2030?

Last week, Helen Rosenthal and Ben Kallos introduced a bill mandating evaluation of the system in 2030. The idea is to prevent it from becoming warped over time, as has occurred since the last major change was made four decades ago.

The law would create a commission appointed by the mayor and speaker to analyze the system in terms of “equity, efficiency, transparency, ease of administration, and compliance.” It would be required to hold two public hearings and issue a report with an analysis and recommendations by November 2030. The process would repeat every 15 years.