NYC Property Tax System Lawsuit Cleared to Move Forward
Rental buildings inequitably impacted since they have the disadvantage of paying a disproportionate share of real estate taxes compared to condominiums and co-operative buildings. Under the current real estate tax system, the “city assesses condos and co-ops by comparing them with rent-stabilized properties — even though those properties typically have much lower market value.” Furthermore, “the city assesses some condominiums and cooperatives at values less than the selling price of a single unit in the same building,” according to a lawsuit filed in 2017 by a group of property owners, renters and other advocacy groups called Tax Equity Now New York, or TENNY, that on March 19, 2024, was cleared to move forward by New York State’s highest court. While it has been acknowledged that the current property tax system is inequitable and opaque, the system that favors owners over renters continues to result in higher rent costs.
Source: https://www.nytimes.com/2024/03/19/nyregion/property-tax-lawsuit-nyc.html