New York, New York – City Council Member James Vacca, joined by Council Member Mark Treyger, introduced a resolution calling for the state legislature to include a $500 tax rebate for New York City homeowners, Co-ops and condo owners in this year’s budget. The bill would reprise a similar property tax rebate program terminated in 2009 because of the economic recession.
The Department of Finance has increased assessments for NYC properties every year since 2005. While the rate of taxation has not changed, the increased assessments trigger a higher tax. According to the city’s estimates, values on class 1 properties — primarily one, two and three family homes — rose by 7 percent this year. Moreover, condo and cooperatives’ market values increased by 11 percent.
Independent assessments of the Mayor’s office budget predict a promising fiscal outlook for the City. According to the NYC Comptroller’s office and the Independent Budget Office, the city will experience a budget surplus of $1 to $4 billion dollars.
Vacca’s legislation would recoup some of the surplus money for middle-class families and senior citizens with homes.
“Every year, residents have seen their higher property assessments trigger an increase in taxes,” said Vacca. “The soaring cost-of-living in New York City is hurting the middle class and senior citizens. What I’m trying to do is provide relief, not just to the homeowners, but to tenants as small property owners often have no choice but to pass along part of the tax increase to renters when they see the extent of real estate tax increases and water rate hikes.”
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