Sunday, June 8, 2014

NYC Tax Assessment Ratio for our public representatives

For those that do not know the NYC Property Tax system is very simple.  Please do not allow public representatives to tell you that it is very complicated and if they do, ask them what do they mean.

The complexity is in changing our property tax system to make it more equally applied.  As in the phrase "nor deny to any person within its jurisdiction the equal protection of the laws".  If this phrase sounds familiar it is because it is the ending text of our 14th Amendment to our US Constitution.
(see http://en.wikipedia.org/wiki/Equal_Protection_Clause#Text)

Also from our New York State Constitution: The legislature shall provide for the supervision, review and equalization of assessments for purposes of taxation. Assessments shall in no case exceed full value. (see http://www.dos.ny.gov/info/constitution.htm)

From our New York State Department of Taxation and Finance: Equalization rates do not correct unfair assessments within a municipality.

Equalization rates measure the level of assessment for the entire municipality. They are not intended to correct unfair individual assessments in a city or town. The assessor has the primary role in ensuring the fairness of individual assessments. The more frequently properties are reassessed based on current market values, the more likely it will be that assessments are fair. Property owners also have a role to ensure their individual assessments are fair.
(see http://www.tax.ny.gov/pit/property/learn/eqrates.htm)

Here's a spreadsheet that shows current and past public representatives and their property tax assessment ratio.  The property tax assessment ratio is the property total assessed value  divided by the property total market value.  It is by law set at 6%.  But you'll see that it is rarely 6% unless you live in Queens and the Bronx and Staten Island (this is shown in the data)



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