NYC Property Tax Reform

The New York City Advisory Commission on Property Tax Reform’s Preliminary Report recommends moving coops, condominiums and rental buildings with up to 10 units into a new residential class  along with 1-3 family homes. The property tax system would continue to consist of four classes of property: residential, large rentals, utilities, and commercial. For the new proposed residential class, Class 1 properties would be combined with condos and coops, as well as small rentals, furthering the principles of fairness and transparency. The Commission recognizes that coops and condos are broadly similar to Class 1 in terms of residential usage and grouping them together would make it easier to ensure that they receive the same treatment under the property tax system.

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