Author: Leon E. Keyserling
Publisher:
ISBN:
Category : NYC
Languages : en
Pages : 32
Book Description
No Increase in Property Taxes in New York City
Author: Leon E. Keyserling
Publisher:
ISBN:
Category : NYC
Languages : en
Pages : 32
Book Description
Publisher:
ISBN:
Category : NYC
Languages : en
Pages : 32
Book Description
No Increase in Property Taxes in New York City
Author: Citizen's Tax Council
Publisher:
ISBN:
Category : Property taxes
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category : Property taxes
Languages : en
Pages :
Book Description
NYC Property Tax Exemption Program
Author: Jenny Chiani Wu
Publisher:
ISBN:
Category :
Languages : en
Pages : 108
Book Description
New York City's tax expenditures relate to real property tax totaled $4.5 billion in fiscal year 2012. The largest expenditure relates to the "421-a" tax exemption program for new multi-family residential real estate development, which costs the New Yorkers nearly $1 billion in foregone tax revenue (Office of Tax Policy, FY 2012). The 421-a program was originally established in the 1970s to spur new multi-family developments. Initially, developers received full tax exemption on the assessed value of the new construction, which then decreased by a phase-out schedule where their property taxes were payable in full at the end of benefit period. As the private development market recovered, the city calibrated the program to (i) exclude certain neighborhoods from receiving benefits for strictly market-rate development and (ii) to spur affordable housing development by offering benefits of the program if a certain percentage of the total units constructed were affordable. Despite the success of the strategy in delivering 142,044 residential units in 2012 (Office of Tax Policy, FY 2012), the program has been subjected to increasing scrutiny as New York City's need for real estate tax revenue has increased. It is unclear how many of these units would have been built without the exemption. Many opponents have argued for the termination of the program because it has not produced benefits commensurate with the huge tax expenditures New York City has made, and that the beneficiaries had been landowners who captured the value of the abatements through higher land prices. As the program approaches its potential renewal in June 15, 2015, it is worthwhile to conduct a detailed analysis of the efficacy and cost of the current program. The thesis offers a thorough yet intelligible case study of a co-op building in Chelsea of how the property taxes would be calculated and the program's impact on the financial feasibility of the development. Different scenarios are created that follows each of the program reforms to understand the actual value of the property tax exemptions to developers and the ways in which such value is distributed. In the current environment where many New Yorkers find themselves facing a daunting housing market with decreased production and increased demand for affordable units, the program should strengthen its benefits to steer more developers towards creating affordable housing. Alternative financial models based on the case study suggest that the return of an improved negotiable certificate program can make the 421-a program a more effective affordable housing incentive without additional cost to the city.
Publisher:
ISBN:
Category :
Languages : en
Pages : 108
Book Description
New York City's tax expenditures relate to real property tax totaled $4.5 billion in fiscal year 2012. The largest expenditure relates to the "421-a" tax exemption program for new multi-family residential real estate development, which costs the New Yorkers nearly $1 billion in foregone tax revenue (Office of Tax Policy, FY 2012). The 421-a program was originally established in the 1970s to spur new multi-family developments. Initially, developers received full tax exemption on the assessed value of the new construction, which then decreased by a phase-out schedule where their property taxes were payable in full at the end of benefit period. As the private development market recovered, the city calibrated the program to (i) exclude certain neighborhoods from receiving benefits for strictly market-rate development and (ii) to spur affordable housing development by offering benefits of the program if a certain percentage of the total units constructed were affordable. Despite the success of the strategy in delivering 142,044 residential units in 2012 (Office of Tax Policy, FY 2012), the program has been subjected to increasing scrutiny as New York City's need for real estate tax revenue has increased. It is unclear how many of these units would have been built without the exemption. Many opponents have argued for the termination of the program because it has not produced benefits commensurate with the huge tax expenditures New York City has made, and that the beneficiaries had been landowners who captured the value of the abatements through higher land prices. As the program approaches its potential renewal in June 15, 2015, it is worthwhile to conduct a detailed analysis of the efficacy and cost of the current program. The thesis offers a thorough yet intelligible case study of a co-op building in Chelsea of how the property taxes would be calculated and the program's impact on the financial feasibility of the development. Different scenarios are created that follows each of the program reforms to understand the actual value of the property tax exemptions to developers and the ways in which such value is distributed. In the current environment where many New Yorkers find themselves facing a daunting housing market with decreased production and increased demand for affordable units, the program should strengthen its benefits to steer more developers towards creating affordable housing. Alternative financial models based on the case study suggest that the return of an improved negotiable certificate program can make the 421-a program a more effective affordable housing incentive without additional cost to the city.
Real Estate Tax Exemption in New York City
Author: Citizens Budget Commission (New York, N.Y.)
Publisher:
ISBN:
Category : NYC
Languages : en
Pages : 88
Book Description
Publisher:
ISBN:
Category : NYC
Languages : en
Pages : 88
Book Description
Some Probable Effects of the Exemption of Improvements from Taxation in the City of New York
Author: Robert Murray Haig
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 264
Book Description
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 264
Book Description
A Study of Real Estate Tax Exemption in the City of New York
Author: Walter J. Klink
Publisher:
ISBN:
Category : Real property tax
Languages : en
Pages : 218
Book Description
Publisher:
ISBN:
Category : Real property tax
Languages : en
Pages : 218
Book Description
Real Property Taxation in New York City
Author: Philip Finkelstein
Publisher: Greenwood
ISBN:
Category : Real property tax
Languages : en
Pages : 152
Book Description
Publisher: Greenwood
ISBN:
Category : Real property tax
Languages : en
Pages : 152
Book Description
"Only the Little People Pay Taxes"
Author: Rachel Michelle Goor
Publisher:
ISBN:
Category :
Languages : en
Pages : 74
Book Description
Across the U.S., property tax rates for rental buildings average 1.4 times higher than rates for homeownership properties. In New York City, the spread is 6.4 times. In a city where more than 50% of residents are rent-burdened, the Rent Guidelines Board estimates that fully 1/3 of rents are actually just passed-through property taxes. With both the Mayor and the Governor prioritizing housing affordability, reforming the property tax structure to better serve the City's millions of struggling renters should be a priority. This research examines how the existing property tax structure came to rule New York City, and explores its spatial outcomes across the five boroughs. Using data scraped from the 2015 property tax bills of every parcel in the City, this investigation finds that the Department of Finance deviates significantly from its publicized process when calculating tax bills, and moreover, that property taxes are poorly correlated with land, market, and assessed values. This study also investigates options for reform, and finds that while there is no 'silver bullet', there are a number of steps the City could take to mitigate some of the system's inequities and inefficiencies. These include instituting a single tax rate system applied to assessed values; a two tax class system based on full market values; and/or an increased tax on high-priced units. Lastly, this examination finds that any move towards a more functional system will require broad-based support from grassroots to grasstops. The final chapter outlines a rough framework for building such a movement.
Publisher:
ISBN:
Category :
Languages : en
Pages : 74
Book Description
Across the U.S., property tax rates for rental buildings average 1.4 times higher than rates for homeownership properties. In New York City, the spread is 6.4 times. In a city where more than 50% of residents are rent-burdened, the Rent Guidelines Board estimates that fully 1/3 of rents are actually just passed-through property taxes. With both the Mayor and the Governor prioritizing housing affordability, reforming the property tax structure to better serve the City's millions of struggling renters should be a priority. This research examines how the existing property tax structure came to rule New York City, and explores its spatial outcomes across the five boroughs. Using data scraped from the 2015 property tax bills of every parcel in the City, this investigation finds that the Department of Finance deviates significantly from its publicized process when calculating tax bills, and moreover, that property taxes are poorly correlated with land, market, and assessed values. This study also investigates options for reform, and finds that while there is no 'silver bullet', there are a number of steps the City could take to mitigate some of the system's inequities and inefficiencies. These include instituting a single tax rate system applied to assessed values; a two tax class system based on full market values; and/or an increased tax on high-priced units. Lastly, this examination finds that any move towards a more functional system will require broad-based support from grassroots to grasstops. The final chapter outlines a rough framework for building such a movement.
Taxes and Assessments in the City of New York, Report of the Commissioners
Author: New York (N.Y.). Tax Department
Publisher:
ISBN:
Category : Taxation
Languages : en
Pages : 136
Book Description
Publisher:
ISBN:
Category : Taxation
Languages : en
Pages : 136
Book Description
Tax Policies and Urban Renewal in New York City
Author: Citizens' Housing and Planing Council of New York. Committee on Tax Policies
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 66
Book Description
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 66
Book Description