Five Key Takeaways From Bloomberg's Study of NYC Property Taxes

Five Key Takeaways From Bloomberg's Study of NYC Property Taxes

46m ago 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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