A mayoral commission’s preliminary proposal to overhaul New York City’s complex property tax system would dramatically raise the tax burden on owners of one-to-three-family homes, while holding down taxes on co-op and condominium apartments, a Wall Street Journal analysis found. Taxes on houses would rise by a total of more than $1.13 billion, or about 25% above current taxes, even though more than a third of all owners of these homes would pay less.

Source: Wall Street Journal March 23, 2020 11:15 UTC