The NYC Property Tax Problem
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- Опубліковано 21 вер 2024
- In 1981 New York City adopted a new property tax system. Still in place today, the system created odd discrepancies where, for example, owners of tenement buildings can be assessed as if they’re luxury condos. Reporter Chris Opfer explains this complicated property tax structure and the attempt to change it.
Video by RJ Jewell
Graphics by Jonathan Hurtarte
Reporter: Chris Opfer
Executive Producer: Josh Block
It's so bad in New York City I left it long ago and New Yorker Donald Trump left it as well.. that says something big time has happened ...very bad to New York City. Nothing else needs to be said
yeah you and Donald Trump left. ohhh my god what is the city to do? house the most billionaires in the world? house the the 2nd most millionaires? be 7% of the GDP for the US?? the city by itself produces more good and services than the bottom 23 states.
so bad so bad
Yup I left too and let the government take the land I owned most people don't even want to buy or invest in any part of New York because of the high taxes. Cold weather and high taxes are not a good mix.
@@SeecretWeapon lol you’re a dumbass. It’s also the city with the most amount of people and companies leaving. Nyc is no longer the city we used to know. Cuomo and de Blasio have fucked it over completely. Salaries and bonuses are stagnant meanwhile everything else keeps going up including tax now. Look at Detroit it used to be one of the hottest cities in the us and now it’s nothing. Things change and people are moving out. Billionaires and millionaires have left already look at the stats online I promise you you’re wrong
Less then 8k in taxes on 3m$ worth of property. Sounds legit
Im in upstate ny and paying 4000 for a house only 100k. what a joke.
Sky-high school taxes are the biggest problem for many New York State property owners who suffer from the highest property taxes in America. The teachers' unions love the current system where the school budget votes are deliberately held in May, six months out-of-sync with the general elections. This is done to ensure a minimal voter turnout and voter suppression that strongly favors participation from the teachers, school employees, PTA members and parents who want exorbitant budgets paid for by their neighbors. If the school budgets were voted on in the November elections many school budgets would go down in flames. The way to fix the problem would be to divide each school district's annual budget in half and collect half of the amount from the property owners as is currently done. Then, collect the other half as a per capita "User Fee" from the parents of the children using the schools. New York State loves to levy “user fees”. It’s not a “tax” it’s a “user fee”. Immediately the parent who have been supporting unlimited school budgets paid for by their neighbors would be screaming for budget cuts. See how that works.
What I learned during a 40 year career in helping to put together public-private financing initiatives for revitalization of distressed and under-served communities is that the main cause of decline in the first place is a tax structure that rewards speculation in land over investment in job-creating capital goods. At the local level the main cause is the conventional property tax. The property tax is almost universally administered to foster land speculation by infrequent and inaccurate assessments. Buildings, which are depreciating assets are over-assessed. Land is generally under-assessed. Thus, the incentive to property owners is to hold land idle in anticipation of rising land values (reducing the supply of land available for development, and thereby artificially pushing up land prices even higher). All one needs to do is walk the streets in a city's central business district and nearby neighborhoods and count the hundreds of buildings that sit vacant or as empty lots. The proliferation of surface parking lots is another clear indication of a counter-productive tax structure. And, in neighborhoods populated by lower-income households, the incentive is to put as many people as possible into housing units, defer maintenance and wait for a government-funded revitalization effort to come along to purchase the land or at least stimulate the demand for land by developers seeking to attract higher income households. When gentrified, where to the low income individuals go; often, they go into the streets or the growing tent cities that plague most of U.S. cities. The optimum rate of taxation on buildings is actually zero. The annual taxation of a building amounts to the imposition of a sales tax year after year after year. The optimum AMOUNT of taxation on a parcel or tract of land is the potential annual rental value of the location, a value that exists independent of what the owner of the land does or does not do with the location. This value is societally-created and is a function of locational advantages, advantages in a town or city that are created by aggregate investment in public goods and services. It is the failure to collect the location rental values that rewards antisocial behavior on the part of property owners. When will those who govern and our civic leaders wake up to this reality?
Edward J. Dodson, Director
School of Cooperative Individualism
www.cooperative-individualism.org
With all due respect, your thoughts are very scrambled and clouded in nonfactual information. Low income individuals do not go on the streets (false premise), they downsize from a 1 bed to a studio, or from a studio to a shared apt. Rental value of brand new construction is always higher than the average neighborhood value, but developers receive tax credits if they make a certain number of units affordable. And what do you mean by, "invest in public goods and services." There's no such thing as "INVESTING" in goods and services. Perhaps you mean investing in entities that produce goods and services, but how can you expect those producers to actually produce when socialists like you want to take half of their money. We as a country had that argument for the last 4 years, about investing in goods and services, yet 75 million morons chose higher taxes. You progressives are fine with taking somebody else's money, but when it comes to taking YOUR money via property taxes....oh.... now all of a sudden you have a problem. 1st of all....MORE housing equals MORE supply which puts downward pressure on rent prices (economics 101). But instead, every time a developer wants to build something, stupid people protest because they think it's an attack on their neighborhood identity demographics. They boohoo about so-called underserved neighborhoods, yet when you actually try to SERVE the neighborhood (with more housing), they fight tooth and nail to stop it. Look at what they're doing in Gowanus trying to stop the development of 8,200 units, 3,000 of which would be affordable housing. You can't have your cake and eat it too. You want to rail on the taxes?! How else are you going to feed the tens of thousands of illegal immigrants and drug users that you progressives so happily embrace to be baby sitted in the city shelter system!!? You can't have it both ways. You talk about anti-social property owners!?!? Look at what you liberals did to them...... you made it impossible to evict (even before covid), and you made it practically impossible for them to get a return on making improvements. But I suppose, like good marxists, you want the property owner to perform upgrades for free, don't you. Maybe if you "progressives" weren't so decadent, the tax rate wouldn't be so high in the 1st place. Taxes are high because it costs money to keep your low income minions on the government doll.
@@foreverraining1522 I would be willing to respond to your comments if those comments actually related to what I posted. You clearly have not read (or thought about) what I wrote but simply decided after reading one sentence to write your own ideas, which is fine, but unrelated to the arguments I made.
liberals eating liberals lol
That was good but you didnt break down the actual tax classes.
RIP OFF'S THE WORST THING IN THIS COUNTRY
I blame the Jewish people for the high taxes. And no I'm not being racist. I'm just stating facts
But how??
I just want to understand
@@gem1174 maybe all the tax breaks they receive and most others cannot
@@bigtoeknee11 that true
How are you stating facts without actually STATING a fact, moron?!?
Facts
if the tax is unfair then don't pay, if they try to take your property you SHOOT! NO IF &'s OR BUTS.
High taxes high rent poor people Communist government
easy, just move!