City lawmakers want to impose gentrification tax

nypost ^ | 12/25/2019 | Julia Marsh

[ChicagoConservative27]

Here’s one thing that unites local pols across the political divide — a gentrification tax.

A bipartisan group of city lawmakers is pushing Albany to approve tweaks to the state tax laws that would allow them to hit new homebuyers with tax bills based on the actual market prices of their properties.

The coalition of 13 Republican and Democratic city council members says that taxes would not go up for existing owners.

New York’s famously opaque property tax system offers big breaks to new homebuyers by taxing them at assessed values that are often millions of dollars less than the market price.

For instance, a buyer who snapped up a Clinton Hill brownstone for $3 million in 2017 only has to pay taxes on a sliver of that amount — $24,000, leaving the lucky owner with a tax bill of just $4,297 a year.

[ChicagoConservative27]

Going full retard again i see.

[jeffc]

So they don't want people moving in and fixing up the places. They wish for large areas of their towns and cities to stay ghettos...

[DeWalt]

You determine market value by what it sells for. Dumb Asses.

[The_Media_never_lie]

Gerification tax is un-constitutional!

[Lurkina.n.Learnin]

Moving poor people into rich neighborhoods is enlightened and progressive but rich people moving into poor neighborhoods is awful and abusive. Did I get that right?

[null and void]

If I may? I understand totalitarianese:

"City lawmakers want to impose gentrification tax"

In plain English this is:

HOW DARE YOU improve OUR slums?!???!

WE own them and the people in them! They vote for us because they are desperate and hopeless.

If you improve their lot, we loose power.

You must be punished.

Here is your tax bill.

HOW DARE YOU!!!

[PeterPrinciple]

The coalition of 13 Republican and Democratic city council members says that taxes would not go up for existing owners.

---

And that is why it is easy to pass a vote...............

[null and void]

So they don't want people moving in and fixing up the places. They wish for large areas of their towns and cities to stay ghettos...

Yep, see above.

[null and void]

You determine market value by what it sells for. Dumb Asses.

Careful there, Citizen, that talk is dangerously close to Prop 13 territory.

[Disambiguator]

A bipartisan group of city lawmakers is pushing Albany to approve tweaks to the state tax laws that would allow them to hit new homebuyers with tax bills based on the actual market prices of their properties.

This is how it works in California under Proposition 13. Taxes based on most recent sales price, and increased up to 1 or 2 percent annually (sorry I don't know the details off the top of my head - I'm sure some California Freeper will correct me). It's been this way since Prop. 13 passed back in 1978.

[2banana]

So why is NYC complaining about the SALT deduction limits?

Looks like no one comes close to the $10,000 in property taxes...

:-)

[VanDeKoik]

“For instance, a buyer who snapped up a Clinton Hill brownstone for $3 million in 2017 only has to pay taxes on a sliver of that amount — $24,000, leaving the lucky owner with a tax bill of just $4,297 a year.”

Is this a matter of someone buying a place far and above what it is actually “worth”?

I COULD sell my house for 3 million, but it inst actually worth 3 million if you sent an inspector and appraiser to look it over.

[jdege]

Why don’t they just fix their tax assessment procedures?

[Biggirl]

And citizen gives you the Bronx salute!

[V V Camp Enari 67-68]

How surprising! Greedy politicians soaking constituents for more money to give for more worthless programs.

[stylin19a]

They’re backing a resolution that calls on state lawmakers to change the tax law to require new homebuyers to pay property taxes on the market rate instead of the heavily discounted assessed value.

Market rate based on ?....If this were in place in 2008, would it have killed them, tax receipt-wise?

[FreedomPoster]

[ctdonath2]

Property tax is wrong to begin with. Land ownership is essential to survival; like food it should not be taxed.

[Nabron]

All this law does, is make the next owner of the property liable for the same amount of taxes as the previous owner, regardless of purchase price. Republicans supporting this should be expelled from the party.