- 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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Gun Control: Beyond NY
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Child Poverty: Good News, Big Challenges
Murder, Media and Culture
Broken Windows: A Theory and its Limits
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