They are high. Apartment buildings in NYS are taxed so ARV (assessed rental value) so a $3M brownstone in Park Slope might only pay $700/month. A $3m condo might pay 3-4x that.
NYC can’t fix this and the state won’t because it’s beholden to SFH owners upstate who (now) don’t pay their fair share and don’t want to start now.
Additionally NYS doesn’t have Prop 13 but it has lots of things that look like it. Reduced increases, caps on rates, etc that greatly benefit incumbents.
Same as in California people raise the specter of evicting or bankrupting the elderly from their ancestral home if this was changed. It’s a false dilemma. You could easily relieve taxes because of hardship (or simply being over 65 for a principal residence) on a case by case basis.
NYC can’t fix this and the state won’t because it’s beholden to SFH owners upstate who (now) don’t pay their fair share and don’t want to start now.
Additionally NYS doesn’t have Prop 13 but it has lots of things that look like it. Reduced increases, caps on rates, etc that greatly benefit incumbents.
Same as in California people raise the specter of evicting or bankrupting the elderly from their ancestral home if this was changed. It’s a false dilemma. You could easily relieve taxes because of hardship (or simply being over 65 for a principal residence) on a case by case basis.