An advisory commission formed Thursday will explore methods to estimate more fairly New York City’s property tax system, Mayor Bill de Blasio said.
The commission, which was also announced by Council Speaker Corey Johnson, will solicit input from the public by holding at least 10 public hearings. The last in-depth review of the system by a government-appointed commission was in 1993.
“To be the fairest big city,” de Blasio said, “you need a fair tax system.”
Chairing the seven-member panel will be Vicki Been and Marc V. Shaw.
Been, a professor at NYU School of Law and former city housing commissioner, has written extensively about the property tax system. Shaw, the COO for the city’s public university system, has previously served as a senior advisor for fiscal policy in the Bloomberg administration.
The commission will submit an advisory report on all aspects of the current system, including the way the tax is classified, how the city determined property market values and assessments, how it treats property value increases and how it calculated tax rates. The panel will also issue recommendations on tax relief for low-income and senior homeowners.
Property taxes make up 45 percent of the city’s revenue. The current system is set forth in state law and has been in existence for nearly four decades.