Gentrification Tax

Yikes! "A bipartisan group of city lawmakers is pushing Albany to approve tweaks to the state tax laws that would allow them to hit new home buyers with tax bills based on the actual market prices of their properties. The coalition of 13 Republican and Democratic city council members says that taxes would not go up for existing owners. New York’s famously opaque property tax system offers big... [more]

Yikes! "A bipartisan group of city lawmakers is pushing Albany to approve tweaks to the state tax laws that would allow them to hit new home buyers with tax bills based on the actual market prices of their properties. The coalition of 13 Republican and Democratic city council members says that taxes would not go up for existing owners. New York’s famously opaque property tax system offers big breaks to new home buyers by taxing them at assessed values that are often millions of dollars less than the market price. The new resolution calls on state lawmakers to change the tax law to require new home buyers to pay property taxes on the market rate instead of the heavily discounted assessed value." https://nypost.com/2019/12/25/city-lawmakers-want-to-impose-gentrification-tax/ [less]