Feb 07, 2025
New York City’s property tax system has been a source of frustration for years, and recent developments show that reform might finally be on the horizon. Tax Equity Now New York (TENNY), a reform group, is pushing for urgent changes to address the inequities that have plagued the system. As it stands, the property tax structure unfairly burdens some homeowners while benefiting others, and it’s about time this imbalance is fixed.
The main issue is that the current system disproportionately affects middle-income homeowners and communities of color. High-value properties in gentrified neighborhoods are often taxed at lower effective rates, leaving others to pick up the slack. This isn’t just unfair—it’s unsustainable. Many homeowners feel stuck, unsure of how their taxes are even calculated, and the lack of transparency only adds to their frustration.
TENNY’s recent motion couldn’t come at a better time. The city is preparing to send out new assessment notices, and for many, that means higher tax bills. TENNY is urging the courts to step in before this happens, arguing that the current system violates both the federal Fair Housing Act and state laws. If the courts agree, we could see some major changes to how taxes are assessed in New York City.
Reform would mean a lot for property owners. Those in over-assessed neighborhoods could finally see some relief, while areas that have been under-assessed might face higher taxes. For buyers, it could change how they calculate affordability, and for sellers, it could impact how attractive their properties are on the market. This isn’t just a legal issue; it’s something that hits home—literally.
As a realtor, I know how much property taxes factor into decisions for both buyers and sellers. This is why staying informed is crucial. If you’re a homeowner, now’s the time to review your assessments and understand where you stand. If you’re thinking of buying or selling, it’s worth consulting with a professional who can help you navigate these changes and understand their impact.
The bottom line? New York City’s property tax system needs to be fairer, and this push for reform is a step in the right direction. While the specifics are still unfolding, one thing is clear: understanding these changes will be key to making smart real estate decisions in the future.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
