Statement by New York City Comptroller Brad Lander on Property Tax Commission Final Report

(NEW YORK, NY) – Following the release of recommendations from the New York City Advisory Commission on Property Tax Reform last week, Comptroller Brad Lander issued the following statement:

“Our property tax system today is both regressive and opaque. Reform is urgent.

“I welcome the recommendations of the Commission on Property Tax Reform, and I agree with their approach to reforming New York City’s property tax system so that similar properties are taxed similarly, while ensuring that owners are not overly burdened by bills that exceed their ability to pay. Our current system is inequitable, and we must fix it – even where that means that my neighbors and I will need to pay more.

“Comprehensive property tax reform must also address the imbalances in how multifamily properties are taxed, so that we don’t continue to disadvantage the development of rental buildings relative to condos. With the 421-a property tax exemption program expiring this year, we have a real opportunity to achieve comprehensive, fair, and efficient reform. The 421-a program has long been an obscenely excessive giveaway to developers masquerading as an affordable housing program. My office will endeavor to provide analysis and policy guidance to achieve comprehensive property tax reform that meets the principles of fairness and predictability, that protects the most vulnerable, and that makes wise use of New Yorkers’ tax dollars.”

###