going up. (See https://app.tidalforce.org/newtax to estimate what your new property would be under the new proposal.) Yes, the new New York Property Tax Advisory Commission December 2021 Final Report is proposing that your property tax should be based on your market value with no assessment caps per year. There are a few exemptions planned for owner occupied homes and also the Senior and Veteran exemptions along with others are planned to remain. So, your exact tax will vary. To check any property tax by searching by name of owner or address see https://app.tidalforce.org/propertytaxsearch But the truth is if you live in Park Slope Brooklyn or Bed Stuy or other places where the annual property tax is around $5K to $8K or less and your home's market value is in the $1 Million or above, your property tax bill will go up. The plan is to phase this in over 5 years.
Staten Island and Bayridge and parts of Queens will have their high property tax bills go down.
New York City is considering circuit breakers in the Property Tax Law and listen to our Vicki Been ask the question of whether millionaires should qualify for the circuit breakers. What is a circuit breaker? I suppose circuit breakers need some description nowadays, since they have become rare and shy of the Common People, as they call us. They are (or were) a means-tested exemption, fairer than the current system where older properties get all the exemptions and limits and the newer properties and rentals and commercial pay all the tax (excluding 421A exemptions, of course). See Should Millionaires be included in the New York City property tax circuit breaker?
As far as we see, there are no examples. Please Tweet to Mr. Cappelli our Staten Island kind representative to ask for examples
New York City is considering reassessing all small homes to their full market value. This could drastically change property tax in NYC. Because of assessment change limits, every property in New York City is a special case. The limits have been in place since 1981 and they protect older properties. Assessment increase changes are limited to 20% over any five year period but this excludes improvements and new construction. There are anomalies here also where developers put renovations on the demolition line in the Department of Buildings Cost Affidavit to avoid assessment increases. The entire process is very opaque.
But one interesting thing in NYC is you can buy the low assessment in an transaction. In California, the property will be re-assessed to market value on sale. But that is not the case currently in NYC. Of course, the Property Tax Advisory commission is proposing full assessment at market value all the time and that would remove the caps, but this proposal is not a law and it remains to be seen when the small homeowners will revolt against such a large change.
Please realize that your tax dollars are going for many things such as campaign financing. See public taxpayer dollars in the NYC Mayor's Race