One soul-crushing irony is that basically all NY’s politicians agree that the status quo of our property tax system is bad, and yet the problem has persisted for years and years, with no meaningful reforms on the horizon. I wrote a bit about what causes this gridlock: https://www.sidewalkchorus.com/p/property-tax-reform
In essence, property tax is a very low salience issue, especially for the two-thirds of NYC households that rent their home — even though apartment renters ultimately end up paying these taxes through their rent. And resolving the mess requires simultaneous action at both the city and state level, which has been elusive.
One soul-crushing irony is that basically all NY’s politicians agree that the status quo of our property tax system is bad, and yet the problem has persisted for years and years, with no meaningful reforms on the horizon. I wrote a bit about what causes this gridlock: https://www.sidewalkchorus.com/p/property-tax-reform
In essence, property tax is a very low salience issue, especially for the two-thirds of NYC households that rent their home — even though apartment renters ultimately end up paying these taxes through their rent. And resolving the mess requires simultaneous action at both the city and state level, which has been elusive.
Sebastian Thanks for your comment and support.
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Brilliant research, Steve!
Peter Thanks for your comment and support.
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ma lo scappellamento è a destra?
Was there an era of more sensible property taxes in NYC? Or just different versions of "approximately equally bad"
There was a brief window between 1975 (when a lawsuit ruled that fractional assessments were unconstitutional) and 1981 (when a bunch of the existing distortions were introduced), but it has otherwise been mostly like this. Full timeline in our report! https://www.cssny.org/publications/entry/footing-the-bill-fifty-years-of-nyc-property-tax-tenants-towers-low-income-communities-color
Tim Thanks for your comment and support.
Today I’ll be introducing to my subscribers how to start making passive income from investment /business.
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> progressive (more valuable properties get higher taxes)
This should say higher tax *rates*, to avoid confusion with a flat tax that still requires more valuable properties to pay more.
Fair point! Have edited accordingly