The city has released an initial version of its long-awaited property tax report, but politicians are taking a wait-and-see approach. The recommendations call for eliminating the current limit on how much the assessed value of a property can increase each year, although the report stopped short of specifying new rates, the New York Times reported. The commission also proposed requiring owners to pay property taxes based on true market value rather than assessed value. The
source https://therealdeal.com/2020/01/31/nycs-convoluted-property-tax-system-could-get-a-big-reboot/
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