- Taxes, Housing and Fairness
Property Taxes Key to Solving Housing, Inequality Crises
This article highlights the injustice of the existing system of property tax.
The current system punishes work and effort (improve your building, pay higher taxes) while encouraging un-used and under-used lots.
Solution 1: shift more of the tax burden to the land portion of the valuation. All lots benefit from city services, so all lots should pay.
Solution 2: eliminate property tax breaks. This is NYC - nobody has to pay you to be here!
Larger apartment buildings are taxed at a higher rate because they are worth more, and generate far more income for owners. Increasing property taxes on smaller multiple dwellings would put an undue burden on the owners of those properties.FYI - Property taxes are able to be deducted from gross income. To reduce property taxes on owners of larger properties and redistribute them to smaller owners is just a way to percolate more money into the hands of the rich.
I disagree with the statement made in the article that property tax costs passed along comprise one-third of apartment dweller's rent payments. The portion of mortgage payments that are NOT property tax far outweigh the property tax portion. Principle, Interest, and Insurance (all part of mortgage payments along with property tax), are the major expenses. Those costs, along with heating costs, water and sewer expenses, utilities for public spaces, and building maintenance comprise the vast majority of a rental property's expenses.
ARCHIVESVIEW FULL ARCHIVE
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Broken Windows: A Theory and its Limits
Against the Homeless, Crimes and Callousness Combine
Social Services Under De Blasio
NYC's Success Reducing Unintended Births is at Risk
New Tools to Fight Homelessness
Testing and Transparency
Faith and the Quest for an Affordable New York
Aging City, Youth With Needs: The Challenge for Nonprofits
Participatory Budgeting: What's the Potential?
LGBTQ Youth and Foster Care
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