Property Taxes

On May 1st of each year, New York City assesses the fair market value of a homeowner’s property based on other homes and properties in a given area—and homeowners are given only one opportunity a year to challenge (or “grieve”) the assessment. This figure is multiplied by the local tax rate (21.045%) to calculate the amount of property tax owed. Homeowners pay an additional 11.869% of their home’s assessed value in school tax.
 

Property tax rates are set each year by the Mayor and by the City Council, and if elected I will fight to give struggling owners of Class 1 residential property relief from systemic issues with assessments that create inequity for District 15 property owners relative to much wealthier parts of New York City.

• In calculating the fair market value of a home, I want to limit comparables to homes of similar style, size and age within a one-mile radius. 

• Homeowners should to be able to challenge (grieve) a property assessment quarterly, instead of just once a year. As a member of the City Council my constituent services will include helping homeowners fill out the appropriate forms, and learn how to find assessments of comparable homes.

• Lower the age at which senior citizens can claim an 50% exemption on the assessed value of their residential property from age 65 to age 62, which is when people can begin receiving Social Security retirement benefits. This exemption will apply to both property and school taxes.

• Currently, Veterans who purchase a primary residence using money from their pensions, insurance settlements, or bonuses can receive an exemption that reduces their assessments, and therefore their property and school taxes. This exemption should apply to any funds used by a Veteran to purchase the property.

• Extend the COVID moratorium on the 3.25% interest rate on late payments for homeowners whose annual income is less than $150,000 and who are billed quarterly until the New York City economy is fully reopened, all COVID-related employment, business operations and travel restrictions are lifted, and the governor and mayor no longer have COVID-related emergency powers.