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How 'Unfair' Property Taxes Crush New Yorkers
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- เผยแพร่เมื่อ 31 ม.ค. 2022
- The New York City property tax system both confuses and frustrates residents, while driving inequity. How did the city get here? And what are the obstacles to finding an equitable solution? (Producer: Andrew Satter; Executive Producer: Josh Block).
People buy houses to escape high rent only to be hit with high property taxes.
Ironic.
so people who live in co-ops subsidize people who live in brownstones... why does that not surprise me?
Property tax is legalized theft, but theft nonetheless. You never own your home.
Our govt is no different than the mafia....give me your money or else.
Agree. Especially when you are forced to sell your own house if you don’t pay property taxes.
AREED...as long as you pay property taxes, you do not own your home/property. It would be like having to pay taxes every year for your car, appliances, furniture, etc.
Absolutely right
I disagree. Just pay your tax.
Citizens- Vote for politicians who raise taxes
Citizens - Dumbfounded at high taxes
Citizens - Vote for politicians who give out free stuff
Citizens - Dumbfounded at high taxes
You only have 2 choices and it’s not like you get who you vote for. You get who the majority vote for.
@@genxx2724 Like the small business bailouts? That free stuff? So sorry you're too stupid to run your business properly, but it's not my problem. Don't take on risk you can't handle.
Like people vote for Biden then wonder why inflation is soaring. Close down pipeline which spikes fuel transportation
this, every single time
There should be No property tax.
I would be ok with property taxes if they made sense. If the taxes were meant to pay for fire departments, police and other things for ur town then it shouldn’t matter how much a house costs it should be one set price per house. If my house is 125k and my neighbors house is 200k it’s just a little bigger maybe it has a pool why should my neighbor pay more in taxes? He shouldn’t it should be the same the value of his house shouldn’t matter it makes no sense. I paid $125k for my house the property tax is $4500 per year I live in a country area so that’s not bad considering if my house was in a nice suburb town the taxes would be $7500 or more. My buddy lives in Georgia his house is worth more then mine and his taxes are $1000 per year. Another friend lived in Florida he paid $220k for his house his mortgage was $900 a month but my mortgage is $1100 a month for $125k because of the taxes we both put 3% down. My uncle lives in a 500k house on a golf course his taxes are something like 20k per year then right down the street are normal houses paying 1/4 of that it makes no sense to me specially his housing track is ran by an hoa so they pay for most all of the maintenance in the housing track, it’s in a nice area there aren’t many cops because there is almost no crime.
Yeah, altough they said in the video that property taxes is 50% of New York's budget. Budget cut without it would be insane
Why cant we check box where we want our taxes to go? Maybe i want a majority of my taxes to go to roads and infrastructure
Not much has changed since feudal times.
Corruption, greed, corruption and greed! I live across the Hudson from Manhattan in NJ and we have the same high property tax situation. I own a condo, and my property taxes just keep climbing every year. Mostly driven by the school budgets, while our neighborhood streets have cavernous potholes 🙄 But hey NJ has the best schools in the country.
That's Socialism for you.
@@davidlafleche1142
That is not the definition of socialism, not according to Karl Marx. The corporate media has fed you lies, and you fell for those lies. Instead of watching cable news or internet pundits, you should read the books dedicated to explaining socialistic concepts. Perhaps then, you will better understand the ideology you are attacking.
@@hostilepancakes Socialism defined:
Send
Over
Cash
I'm
A
Lazy
Inert
Shameless
Moocher
People must be weaned of government dependence and live by their own means. "For even when we were with you, this we commanded you, that if any would not work, neither shall he eat" (2nd Thessalonians 3:10, KJV). Even so, come, Lord Jesus! Establish the Kingdom in Jerusalem and save the world from the tyranny of Democracy (Daniel 7:7, KJV)!
Why dont you move away?
Zipcode
Ask yourself...where would a legislator most likely live...in a Brooklyn brownstone or a Staten Island co-op? Pat, I'd like to solve the puzzle.
That's Deblasio lives
within their district
I have a 22,000sqft commercial building in the inner city aka ghetto in Dutchess County NY (60 miles North of NYC). I bought the building in 1998 property and school taxes where $12,500 a year. Fast forward to 2022 they are $49,500. The city is more run down with crime and homeless. Every year I appeal it and every year I get told to pound salt. The entire tax system sucks.
Just don't pay it democrats don't care about working people that is why I vote for republicans democrats aren't socialist there tax happy u only get your freedom if u pay more taxes republicans are the opposite
well how does lowering your taxes help the community?
How much did you buy it for and how much is it worth now? If the value is 4 times as much, then you could say you are paying the same amount per dollar spent.
@@GorgieClarissa how does higher taxes help?
How is pounding salt working out for anyone?
This explains why New York is having a record-breaking population decline. Based on recent census statistics, New York's population fell by 319,020 people, the largest numeric loss of any state in the country.
Rich people. Only the Wealthy can afford to pick up and leave on a moments notice. The 12 Million People living in the Tri State Area aren't all in the Top 1%. Hardly!
Why would low property taxes cause people to leave? Most people in NYC either own single family, multi family, or rent. Co-ops owners are the minority.
The high price of homes may drive people out but not the low property taxes in the borough. I believe it may be either the lowest in the country or amongst the lowsst
But rents goes up
Republican trash on Staten Island should just work harder
@@danielsierra466 if you rent, who do you think pays the property taxes? Yeh, the landlord. And do you think they'll just absorb those themselves? Of course not, they build them into the rent. If the property taxes are $400/month on a unit, that's $400/month that the rent will be raised by
After paying sales tax, federal-state-local income taxes-and property tax, our entire working lives... there should be a point where seniors are free from paying taxes. Meanwhile the rich avoid paying their fair share and spend their money rocketing into space.
The rich pay the most taxes. I know math is hard
@@johngoldsworthy7135 You need to do some research and learn how little taxes the rich pays each year. I know reading can be difficult.
Exactly. I am 53 and just couldn't keep up with the workpace anymore. Had to sell my house because property taxes kept going up.
Never lived in NYC as an adult, but did lived in NJ within 45 mins of NYC, because of work, but left 2 yrs later. Taxes were horrendous. Never again. They can keep their housing. Big Apple means big taxes, and empty pockets.
Some sleek crooks were trying to rip off this man's property. Good thing he got the media involved. Smart move 👍
Assessed value is the problem because it is arbitrary. I just finished a successful appeal on my property's assessed value. My property had the highest per sq. ft. assessed value on my block - yet it is visibly not the nicest and in need of repairs. A house across the street got a down to the studs remodel including complete new roof, plumbing, and electrical - but somehow was assessed for less than its sale price! My house was assessed for more than three times its assessed value from when I bought it seven years ago in 2015. My assessed value was reduced by almost 27%, but I shouldn't have to fight the appraisal district, the system is not fair.
Ooh you could challenge your assessed value? Thank you for sharing. Looking into this asap
@@patrickchason2981 Yes, virtually all appraisal districts have a process for challenging the assessed value of property and buildings. I did it myself, but in some areas you will need an attorney.
Someone needs to throw out corrupt politicians
Towns should be incentivized to build more housing to get more tax revenue, not increasing property values for tax revenue. This is one of the reasons why we have a shortage of housing. It makes no sense to see taxes go up because property value goes up unless the quality of services provided actually necessitate it. These tax laws just incentivize towns to build sprawling, car dependent cities.
Sprawling cities are good, who the hell wants to live in an apartment their whole life? The goal is that one day buy a place where I know that on the other side of the wall is the outside world, not someone elses apartment.
Plus cars are amazing, they allow you to travel around & do cool stuff. Take your anti-car bs elsewhere, wealthy counties with governments that don't waste money should be able to afford good & abundant roads that connect the country.
The most fair is not actually based on total value but based purely on the value of the land. Take out the value of the buildings. This incentivizes more shared housing such as the coop because the land each unit uses is far less than the single family home.
Still doesn't explain why my 700k single family house in Millbasin is $6800 but my friend single family $2 million brownstone in Parkslope is $5600
Probably because your friend purchased it for $500K many years ago?
I was thinking about moving to New York City, but after I read the shocking book New York; The Good, The Bad and The Ugly Truth on my Kindle Reader, I was like no way am I moving to New York City!! They can keep that City!
It would be cool to experience New York city, but never move there. Maybe visit for a month & get an Airbnb in a nice downtown condo, get it out of your system without having to pay their super high income tax.
The problem with these big cities like NY and SF is that they have an additional city tax. They truly squeeze the orange to the last drop.
A very superficial static analysis. The relatively lower tax on houses is part of the reason their value goes up relative to apartments. The more they go up the more the assessment cap makes them more valuable, so we have an upward spiral. Increase the taxes on houses and their value will go down in a spiral and eventually be equal to their assessment.
A larger issue is confronting why taxes should be based on value in the first place? If I fix up my home and replace the roof you increase my assessment and I am punished for helping to keep up the neighborhood. If I do nothing, you reward me by keeping my taxes low. Real Estate taxes should be based on the level of government services the property is provided. Government service not related to property should be funded by other means. There is no other way to achieve "fairness".
End property taxes after you finish paying off the house.
This is pure discrimination. If you can sell your home for 5mil then that is what you will be taxed on.
So basically, assessed values is a hocus pokus number…. no taxation without representation !!
That is just craziness. My heart breaks for you. Change the lawmakers to change the system. Neal
Couldn't happen to a more deserving bunch. High taxed urban centers have been soaking lower taxed areas by getting a deduction on their Federal taxes based on what they pay their State, County and City taxes. That essentially had States with lower tax rates subsidizing States with higher tax rates...well that's not happening anymore, or at least to a lesser degree and now folks in places like New York are having to foot the bill and justly so. New York has been draining the rest of us dry for decades...they get federal monies pumped into their city that pays half of all their bills.
Your taxes on your property will be raised until the number you cannot afford is achieved. You can give your money away or leave.
It's not complicated...it's a poor man's tax (that graph @ 4:10-4:36 showed that) . And if they could change it back in the 1980s...they can change it now...they don't want too. Somebody made bank.
The proposed changes would dramatically drive up property taxes for anyone living in a single family home, even a small row house in Queens.
Abolish property taxes!!!!
then property values would sky rocket and it would hurt first time home buyers and people looking to purchase in the future
@@georgemendez6760 Non-occupied residential property should be taxed at 10x’s what these middle class families just trying to keep a roof over their head pay. Everyone focuses on multi-billion dollar corporation tax breaks and forget that the most direct impact on the middle class has been residential property taxes designed to have the middle class family pick up the bill for real estate moguls and their wannabe’s.
You pay, so that others don't. You keep electing folks that want to handout freebies, don't complain.
New York is killing their residents. It breaks my heart. Come to Florida we have no income taxes at all. Keep your politics there please. You will feel like home from all the New Yorkers already here. I love them. Neal
Meanwhile you can’t write off your taxes anymore thanks to the $10k SALT cap
the point was to get states to re-evaluate their high taxes. that didn’t happen obviously.
@@jamesmir89 We have county tax, town tax, school tax, fire tax and sewer tax. None of these entities talk to each other, they just raise taxes. May have made sense to collect funds this way 100 years ago but now should to be changed for the 21st century. Easier said than done!
@@wildbill7267 i agree. don’t get me wrong my comment wasn’t meant to disagree with yours. a lot of the trump bill was good but the states simply didn’t bring taxes down. at this point, it just feels hopeless.
You voted for clowns and live with the circus. No sympathy.
😂 literally every state is corrupt. Like are you dense?
@Jacob Kaiser So the clowns you elected can’t change those laws? Interesting. Your state government must be different.
@@cierraaaaaaaas You are right. Stay where you are. Please don’t go screw up anywhere else.
Sky-high school taxes are the biggest problem for many New York State property owners. The teachers' unions love the current system where the school budget votes are deliberately held in May, six months out-of-sync with the general elections. This is done to ensure a minimal voter turnout and voter suppression that strongly favors participation from the teachers, school employees, PTA members and parents who want exorbitant budgets paid for by their neighbors. If the school budgets were voted on in the November elections many school budgets would go down in flames. The way to fix the problem would be to divide each school district's annual budget in half and collect half of the amount from the property owners as is currently done. Then, collect the other half as a per capita "User Fee" from the parents of the children using the schools. New York State loves to levy “user fees”. It’s not a “tax” it’s a “user fee”. Immediately the parent who have been supporting unlimited school budgets paid for by their neighbors would be screaming for budget cuts. See how that works.
Easy fix, make 3 categories, residence, utilities and commercial. Residence is protected with only a 6%cap increase a year. Commercial makes up the difference.
XD in california we are capped at +2% every year
This is what Prop 13 does in California, only the increases are capped at 2 pct of assessed value. The idea was that retirees would not lose their residence to rising taxes, especially in a hot real estate market.
Once the property sold, it is to be reassessed based on the sale price. Of course that system has its problems, but the real gaming of the system happens with rent controls.
Really they should just limit the Prop-13 tax break to primary residences of 65+ CA residents. An even better way to do it would be to do away with Prop-13 and cap the Property tax on primary residences of 65+ CA residents to e.g. 20-25% of their income maximum so retirees don't lose their home. This means the millionaires (and billionaires) don't benefit from it and property investors can't take advantage of it either to increase their profits. We could then lower the % rate to e.g 0.75% from 1% so the total take is net-neutral, but the burden is distributed more fairly.
@@gwyn111 As with most public policy issues, Prop 13 is a sledge hammer approach to watch repair.
As unnuanced as it is, my concern is that once this group or those interests start tinkering with it, it won;t stop there.
I believe that any talk about making changes to Prop 13 is the third rail of California politics, and given my concerns about camels getting their noses into the tent, I am fine with that/
Using lawyers to fight and/navigate property tax issues and "challenge the system" is ITSELF an unequal burden that the owners of $5M brownstones can easily afford but 900 sqft fixed-income apaartment dwellers cannot. These rules should not artificially create a problem that takes money/lawyers to solve. Clearly, local taxes should be proportional to the property value, or maybe progressive, but definitely NOT regressive.
The current property tax system in the US is unjust. Primary residences should be exempt, with taxation reserved for secondary homes and investment properties. As it stands, the system disproportionately burdens low-income individuals while the wealthy continue to profit from real estate without significant impact from property taxes.
Might wanna look at the burdensome building restrictions too
The solution is in this simple saying, created at the dawn of the original income tax: "Don't tax you, don't tax me, tax that fellow behind the tree!"
No sympathy for New Yorkers...
What ever happened to no taxation without representation?
They do have representation. They voted for people who want to raise their taxes. People don’t make the connection because politicians are good at deflection.
It's happening all across the country. Inflation is bad enough but we have to deal high sales tax, high property tax, and surging crimes.
Should property taxes be such a large share of total city budget, with Wall Street shuffling trillions?
Why other city has such property taxes?
You voted/asked for this so don't complain.
Vacant commercial properties pay almost no taxes also, based on income. It should be taxed based on value and then they'd have to rent them out to get the money to pay taxes. That space is all wasted
Affidavit of Non abandonment!!!
Place this with property description that your not abandoning,
They always take property for abandonment when you stop paying property taxes
Mafia
Hah come to Prop13 California Bloomberg. Welcome to the party.
Your math doesn't work. A 6% cap is STILL not enough to come close to explaining the difference. A brownstone worth $200k in 1981 whose assessed value rises 6%/year should be at $11M in 2023, not $50k. This doesn't explain at all why taxes would have quadrupled on the apartments in the past ten years, long after 1981.
What they're leaving out is that 40 years ago condos were viewed as an asset for the wealthy- so let's tax condos at higher rates and cap the property taxes for brownstones. Now you have a lot pensioners and middle income condo owners and they are left holding the bag.
Problem is most that can afford those 1-3 family homes are the rich the city new this so they protected their own once again. Go to upstate NY a house valued af 250k pays $9,000+ in property tax thats thats why their is a mass exodus in New York
Only $4500??? I have to pay $14k
New Jersey ??
14k every year + common charges :DD even if you paid your house cash 100%, you would still be crushed by the expenses lol. The system is rigged, this actualyl gives me panic attack that you can't escape running expenses
People shouldn't have to pay more taxes because the value went up unless there is a fair cap.
Tbh I think 6% is even too high. The law should state that value assessments should be locked to the rate of measured inflation/deflation as reported by the FED. In the event of deflation then your taxes go down, if they aren't lying about the inflation numbers then they should have no issue.
DEMOCRAT STATE too bad,
This is the consequences of unregulated socialism
Commissions are were ideas go to die.
Why we leave nys!! im so gone from this place ,property taxes on an 1100 sq ft home 6000!! Buh bye!
1tookk my home!
California does it right tax rate set at time of purchase 1.25% same amount year after year. You always know what your payment will be
Yes, but voter- passed bond measures and “fees” get tacked on. I think that should be illegal.
@@genxx2724 True but not after the fact, before the property is built the bonds are sold and you know at the time of purchase the exact amount you will pay. Again your payment in California does not change based upon taxes.
@@joeshmooo5327 Yes, after the fact. The voters can pass a bond measure at any time, and it’s tacked onto every parcel.
Does this apply for nyc or all of ny state?
You want low property taxes, move to Texas.
Texas has one of the HIGHEST property tax %.
@@Misaka-gt5yj Can't be true, Abbot brags about low Texas taxes. Way he talks, Texans don't pay taxes on anything.
@@steven4315 Live in Austin and you'll see how high the property taxes are. Texas prop taxes are scaled all the way to market value unlike other states. The only good thing about TX is how you don't have state income tax, but you STILL have to pay for the federal income tax.
@@Misaka-gt5yj Property taxes are high here in Indiana also. This year they were almost $600 on a $200k house, Ten years ago they were only about $300 a year. My SS and military pension are not subject to state income taxes.
You’d have to be simple to choose to live in New York
i have three words for new yorkers..quality of life
The way it works is steal as much money as you can get away with 😮
In Hungary, we DON'T have property tax, thank god.
How much % is income tax?
@@nesq4104 15% tax and 18.5% for mandatory pension+healthcare, VAT 27%, 4% real estate for transfers
@csibesz07 so a 33% income tax but part goes to pension. That's good. Usa we get nothing. Social security retirement but they keep increasing the age
Move out.
And the stupid renters want "free rent' SMH!!!
A good DEAL New York, HA! more like a raw deal!
Somebody has to pay for all the welfare and politicians. It's going to be YOU, if you stay living in NYC. Enjoy!
Rather ironic that this report was done by a company owned by a former mayor who went back on his word and raised our property taxes a whopping 18% percent. Nonsense.
Land Value Tax would solve this
What else is new...?
Goveermnet can make more money 1 raise tax
2 print more money.
Way peoples living in N Y???
Wow, what a rip off!!!
why anyone would live in NYC is puzzling to me!!!! the place sucks!!!
Easy, it zip code
Stupid added music keeps me from hearing the words
They’re not unfair. They’re just the result of dumb democrat policy and mismanagement.
This is same all over usa. Nothing special here
Imagine if these dolts ran healthcare!
Keep voting democratic.
Republicans run Texas. They can have some of the highest property taxes. It used to be quite low back in the early 90s. I have a friend who moved to Texas back then. He was showing me some pictures of the houses he was looking at. He talked of course about the size of the properties and the house themselves, but he really like the low property taxes. Fast forward to an article I was reading in an article in the WSJ, maybe around the early 2000s. I was surprised how high property taxes had gotten to in Texas and among other states. I was talking to another friend about the article, and he mentioned that his sister who lives in Texas and pays more in property taxes that he does. We both lived in the SF Bay Area. The cost of his house was more than his sister's house.
Ok your information is so stupid,first of all, a co-op is not real estate, it's ownership in a corporation. an appt. is not a brownstone in Brooklyn, the co-op is hugh apartment builiding with how many units. and the land use.
Keep voting. Democrats. Im sure things will change
Pay your fair share of taxes you rich, greedy house owners. Rest of us are struggling to pay for rent.
They pay more than thier fair share, no one should pay any property taxes
@@coolmovie2137 why you need to pay property tax when you already paid off your house ? Légal theft and thid problème only in usa in Europe or africa we dont have to pay taxes of ours house this is strange
You do realize the more you raise prop taxes, the higher your rent will be. FFs
@@Misaka-gt5yj Not so much when there is rent control.
Thanks Democrats
Democrats
Democrats lol
Boycott!
That 100 billion dollars for yukraine has to come from somewhere.
Who did you vote for? If you coted democrat then you deserve what you get.