Rent law dented property values – but not tax assessments

Last year’s rent reforms were a gut punch for multifamily market values in New York. But don’t expect that to be reflected in lower property tax bills just yet. That’s because property taxes due July 1 will reflect 2018 rental income, mostly collected before the power dynamic in Albany was upended and legislators ushered in some of the most aggressive rent reforms in decades, including the abolishment of the vacancy bonus, luxury decontrol and rent

source https://therealdeal.com/2020/05/21/rent-law-dented-property-values-but-not-tax-assessments/