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Discussion on draft legislation for property tax reform and assessment process transparency

3:39:19

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Commissioner Preston Niblack and Council Member Lincoln Restler discuss draft legislation for property tax reform and the current assessment process. Niblack mentions ongoing work on state legislation to reform the property tax system.

Niblack reveals that draft legislation is being prepared to reform the property tax system along the lines of advisory commission recommendations.
Restler expresses frustration with the lack of transparency in the current assessment process and its impact on moderate-income residents.
The discussion highlights the tension between the need for comprehensive reform and the desire for immediate improvements to the current system.

Preston Niblack

3:39:19

I think the one thing that I can say that previous commissioners have not been able to say is that we now have draft legislation that would, that is we've been working on with the law department that will reform the property tax system, along the lines of the advisory commission's recommendations.

3:39:36

And that is

3:39:39

Say yes.

3:39:39

It has to be state legislation.

3:39:41

This is all changed to the real property tax law.

3:39:45

So it is a complex bill because it's a complex system.

3:39:49

So we expect later this summer to be able to start briefing, elected officials on the proposal with and have enough detail to be able to answer your questions about it when we start, you know, digging into the the fine print of it.

3:40:03

But, to to sort of look at the bigger picture of your question here that you're raising, you know, the the proposal the advisory commission's recommendation was to take co ops and condos, merge them into the same residential property tax class as class 1 currently, and, value them all by a comparable sales method.

3:40:23

The you know, we're we're all You support that?

3:40:26

Absolutely.

3:40:26

We support it.

3:40:27

We have a work

Lincoln Restler

3:39:37

State legislation.

3:39:38

State legislation.

3:40:22

Yes.

3:40:28

on how much it is.

3:40:29

And I appreciate that you're working on a legislative solution in Albany.

3:40:31

That's, of course, how the Yep.

3:40:32

Issue is most comprehensively addressed.

3:40:34

But in the interim, when we ask for information about how are you looking at these comps, why are you comparing this moderate income coop of retirees and civil servants that are getting forced out of community to the luxury apartments in the neighborhood, we're told that your formula is proprietary.

3:40:54

You can share no information with us, and we're you're we're really sorry.

3:40:58

And I don't understand how I'm expected to go back to my constituents and say the Department of Finance will provide no information, no insight.

3:41:05

It's an opaque black box of a process, and it's somehow fair.

3:41:10

Like, people are losing their homes.

3:41:12

People are being forced out of my community because of how you compare which rentals you select and why can we not receive assurances that there is there are modifications being made in the formula so that we're actually comparing moderate income co ops and condos to like buildings that don't have fancy amenities that aren't renting.

3:41:34

I have apartments in my district that rent for $10,000,000 $12,015,000 a month.

3:41:38

Like, it's insane.

3:41:39

And that's the kind of stuff we're getting compared against.

3:41:42

And people, as a result, see their property taxes increase and get forced out of the community in a building that's a moderate income building.

3:41:48

And I get no assurances and there's no solutions for what you all can do within your algorithm to make it more fair for my constituents.

3:41:56

And for constituents across all of our districts, this is, like, the universal thing.

3:41:59

So I appreciate the the state legislation.

3:42:01

But what are we doing today to actually make for a more fair process for these moderate income co ops and condo owners?

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Council Member Restler addresses property tax assessment issues for coops and condos

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Commissioner Niblack explains Department of Finance's constraints and assessment factors