Currently property taxes account for about 40 percent of the city budget on the revenue side, and a more equitable property tax system is a big issue in the city right now as some property owners in working class neighborhoods are paying more in property taxes than those in well-to-do neighborhoods. However, any major change to property tax laws must go through the state and not the city.
Among the proposals already put forth include the following from Assemblywoman Nicole Malliotakis (R-Bay Ridge, State Island) and Assemblyman David Weprin (D-Queens).
Malliotakis three-point proposal calls for all Class 1 properties to be assessed at full market value by removing the amount by which property assessments can increase so that the trendiest neighborhoods are not safeguarded from paying the same property tax rate as the rest of the city, institute a property tax cut for seniors who are 65 and older whose household income does not exceed $75,000 and have lived in their residence for at least 20 years, and instituting a 2% cap on the property tax levy.
Weprin’s proposal calls for all occupied co-op and condos – currently considered Class Two, which are residential properties with more than three units to be reclassified as “Class One,” which are residential properties that are one to three units.
KCP asked Mathylde Frontus (D) and Steve Saperstein (R), the two candidates running for the open 46th Assembly District seat covering Coney Island, Bay Ridge, Dyker Heights and a slice of Brighton Beach the following questions:
Do you agree or disagree with any of Malliotakis’ or Weprin’s proposals and why? Also, do you have any proposals of your own that you would like to put fourth?
Frontus: “I think that both plans seem reasonable and are worth exploring. Dealing with sky high property taxes is a serious issue for working families and seniors and requires bi-partisan solutions.”
Saperstein: “Our current property tax system is a sham that is destroying our middle-class families here in New York City. Assemblywoman Nicole Malliotakis’s proposal is the solution we all need. Her proposal would fix the inequality in our system so everyone is paying a fair tax rate by assessing property at the home’s full market value, protects seniors under a certain income from being crushed by rising taxes, and, finally, caps New York City’s property taxes at 2%. This is a win for everyone involved. I look forward when I’m elected to the Assembly in November to join Nicole in fighting for this reform.”
