Five Key Takeaways From Bloomberg's Study of NYC Property Taxes
Five Key Takeaways From Bloomberg’s Study of NYC Property Taxes
Bloomberg News ,
(Bloomberg) -- U.S. property taxes, which raise more than $500 billion annually for public schools, fire departments and other local services, are supposed to be based on property values as determined by local assessors -- the higher the assessment, the higher the tax bill. But studies have shown systematic unfairness nationwide: Officials tend to overvalue low-priced properties while undervaluing the high-priced ones, a pattern known as regressivity. Researchers have highlighted New York City, which collects $30 billion a year in property taxes, as a primary example.
Bloomberg News examined New York’s outcomes and methods. Here are five key takeaways:
Flawed valuations contribute to inaccurate and unfair property taxes for condos, shifting hundreds of millions of …
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