Friday, May 11, 2018

New York City Mayor Plans to Launch Property Tax Commission


A business graduate with a focus on accounting from New England College, Eric Greenfield brings over a decade of experience to work in his family’s real estate business in New York City. Additionally, Eric Greenfield serves as the principal and lead consultant for Bookkeeping Manhattan. guiding his real estate clients in their transactions and investments. Through these positions he has gained substantial experience with local real estate and real estate taxes.

Over the past few years, the issue of property tax reform in New York City has become a hot topic. Civic groups such as Tax Equity Now New York (TENNY) have argued that the tax burden falls disproportionately on lower-income property owners, while wealthier property owners do not pay their fair share. Because nearly half of New York City’s operating revenue comes from property tax collections, the issue has gained a great deal of attention.

In response to the discussion, Mayor Bill de Blasio plans to put together a commission to study the possibility of tax reform by the end of April 2018. The commission will look at inequities within the current system as well as suggestions such as a recent proposal to provide $400 tax rebates to property owners below a certain income threshold. The mayor has stated, however, that any changes to the property tax structure must be revenue-neutral.