Property Tax Reform Seeking Equity for Co-ops and Condos

The City Council has made protection of homeownersincluding co-op and condo

ownersone of its highest priorities. We do this because we understand that home ownership fosters a sense of pride in home, community and city.

Property owners are also a vital part of the city's tax base, but they are not all taxed equally. Since 1981, one-, two- and three-family units have been cate-gorized as Class I property. Co-ops, condos and rentals are grouped toge-ther in Class II. Class III prop-erties are owned by utilities and Class IV con-sists of com-mercial property.

Each year, the New York State Board of Real Property Services determines the share of the total real estate tax that the city must levy on each class. Currently, Class II buildings, including co-ops and condos, are taxed at twice the rate of Class I homeowners.

During this year's budget negotiations, I made a proposal that would give Class II co-op and condo owners a break by closing a loophole in Class I.

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