Re:Even the Rich Are Being Priced Out of Central London
by bradleyjg on Friday September 02, 2016 @03:52PM
(#12415789)
Happily the 421-a exemption program referenced in that article was allowed to expire. Not because of a consensus that it was a bad idea (which it was) but because of a pissing match between the governor and the mayor. We have to take our victories where we can get them; hopefully they'll continue fighting forever.
We still have structural problems in the city property tax code -- for example condo and co-op buildings have to be taxed as if they were rental buildings, a complex calculation that generally undervalues them. But if and when those are fixed, I think full property taxes are would be enough. I don't see the need for a punitive rate on top of that. At least not in NYC, other cities may have a bigger problem with absentee owners.
We still have structural problems in the city property tax code -- for example condo and co-op buildings have to be taxed as if they were rental buildings, a complex calculation that generally undervalues them. But if and when those are fixed, I think full property taxes are would be enough. I don't see the need for a punitive rate on top of that. At least not in NYC, other cities may have a bigger problem with absentee owners.