When Bill de Blasio campaigned to be mayor eight years ago, he pledged to fix New York City's property tax system. In May 2018, Mayor de Blasio and Council Speaker Corey Johnson convened the New York City Advisory Commission on Property Tax Reform to recommend reforms to the system to make property taxes more fair, straightforward, and transparent.
Ultimately, the former mayor fell short of his goal to reform the property tax system. With two days left before the end of his second term on Dec. 31, the commission released its final recommendations.
One level deeper: The commission’s final report, entitled “The Road to Reform: A Blueprint for Modernizing and Simplifying New York City’s Property Tax System,” recommends sweeping changes to the current system, with a particular emphasis on smaller residential properties. The Final Report includes "structural changes that would make the system more equitable and understandable" by:
Other recommendations from the de Blasio commission include:
The bottom line: The commission’s recommendations are not binding and it’s up to the new mayor’s administration now to decide whether or not to tackle a reform of the city's property tax system. As a candidate, Mayor Eric Adams has pledged to resolve inequities in the city’s property tax in his first year in office. In a Bloomberg television interview, then-candidate Adams stated, “It is my desire to get this resolved within the first year. Let’s put together a task force that sits down and comes up with real recommendations and solutions.”