Furman Report Highlights Low Tax Rate for Houses

NYU’s Furman Center just released its 10th annual State of the City’s Housing & Neighborhoods report, and the big thing that’s highlighted is as follows: “According to the Furman Center’s analysis, the effective property tax rate differs considerably across different property types. One- to three-family homes are taxed at the lowest effective tax rate. Other classes of properties, which include large rental buildings and commercial/industrial properties, are taxed at much higher rates: the effective tax rate for larger rental buildings is five times the rate for one- to three-family homes. Condominiums and cooperative apartments also are subject to much lower effective tax rates than rental properties with similar characteristics. ‘As a result of the strong preference shown to homeowners at the expense of large rental properties, New York City imposes one of the highest tax burdens on apartment buildings of any large city in the country,” said Vicki Been, director of the Furman Center. “Conversely, the tax on one- to three-family homes is one of the lowest in the country.'” The full report is here.
State of the City’s Housing & Neighborhoods [Furman Center]