One of the basic principles of good tax policy is equity: similarly situated taxpayers should have similarly sized tax bills. New York City’s property tax system does not comport with this principle: owners of one-, two-, and three-family homes are subject to highly disparate effective tax rates due to statutory caps on the growth in the assessed values of their homes. This means that homeowners in areas where property values are growing quickly benefit at the expense of those whose property values are relatively stable. The inequitable tax burdens among small homeowners are some of the most prominent and compelling reasons for reform of the City’s property tax system.
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