What's Behind NYC's Property Tax Problem

The video discusses New York City's property tax system, highlighting its complexity and inequities. It explains how the system, established in 1981, classifies properties into four categories, leading to significant tax disparities. Real-life examples illustrate these issues, such as the low taxes paid by Mayor Bill de Blasio compared to others. Efforts to reform the system are underway, but challenges remain, including a lawsuit and a commission tasked with proposing revenue-neutral solutions.

What issues are raised by the current property tax system in New York City?

What was the revenue generated from property taxes in New York City in the last fiscal year?

How do property tax rates differ between rental properties and single-family homes?

What are the four classes of properties for tax purposes in New York City?

What actions is Mayor Bill de Blasio taking regarding the property tax system?