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Big Apple Tackling Property Tax Problems

New York City is making some changes to its property tax codes, but some groups note that the changes benefit homeowners only, leaving renters behind. According to Commercial Observer, while many homeowners will be thrilled to get lower tax bills, real estate groups, the NAACP and several other activist and good-government groups feel that the proposals don’t address the biggest problems in the city’s tax system.

While the original rules seperated rules for condomimiums compared to single-family homes, Mayor Bill de Blasio’s tax commission has recommended axing these rules, moving condos and co-ops into the same class as one- to three-family homes, and assessing all of these properties at fair market value. Meanwhile, renters multifamily rental buildings are taxed at higher rates than homes, co-ops and condos.

In 2019, NYC partnered with organizations like the Center for NYC Neighborhoods to help homeowners who have fallen behind on their mortgage payments to find funds and help prevent the creation of more zombie homes.

“We send people out to survey homes to try to document where are zombie homes in New York City and what’s the extent of the challenge,” Bozorg told Fox News.

New York neighborhoods such as Central Brooklyn, Southeast Queens, northern Staten Island, and parts of the Bronx, particularly, have a higher number of distressed and abandoned properties compared to the rest of the city, according to HPD data.

According to a report by Curbed, the city saw around 18,000 foreclosure filings in 2007, when the foreclosure crisis first hit New York. Today, there are at least 2,000 abandoned and deteriorated homes many of which are in the process of foreclosure.

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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