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Q&A
Council Member Williams questions Commissioner Niblack on property tax reform
4:50:45
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159 sec
Council Member Nantasha M. Williams engages in a discussion with Commissioner Preston Niblack of the NYC Department of Finance about property tax reform. They explore the city's ability to make the property tax system more equitable, the challenges of implementing sweeping changes, and the necessity of state involvement in major reforms.
- Commissioner Niblack explains that previous reform attempts faced issues due to potential drastic changes in individual tax bills.
- The Department of Finance is working on reforms to increase equity and introduce income-based benefits for homeowners.
- Niblack clarifies that significant property tax reform requires action from the state legislature, as the city's powers are limited in this area.
Nantasha M. Williams
4:50:45
I'm sure you're watching the litigation happening with the lawsuit with the Tinney Group and just wondering has your office done any assessments or thought of new methodologies to make the property tax system a little bit more equitable in New York City?
Preston Niblack
4:51:05
So as you know Thank you for that question.
4:51:07
As you know, we Not we, but the previous administration, Mayor de Blasio and Speaker Johnson, put together an advisory commission who made recommendations.
4:51:19
We worked on legislation that would essentially translate those into deep reforms to the property tax system.
4:51:29
The problem with an overhaul that was that sweeping is that there was a lot of disruption to taxpayers.
4:51:36
And there were taxpayers who would have seen their bills double or triple.
4:51:40
And there were taxpayers who would have benefited, but it was a lot of change.
4:51:43
So we're looking now at sort of taking a step back.
4:51:48
But our goals remain the same, which is to move us in the direction of greater equity, to of get rid of the sources of the complaint, really, in the lawsuit, And also to introduce benefits, income based benefits broadly that don't exist now.
4:52:06
I mean, you can certainly get a senior citizen homeowner exemption or disabled homeowner exemption, but if you're a family raising if you're raising a young family and you're trying to buy a home, the property taxes you don't get any benefit.
4:52:22
Right now we'd like to be able to change that and ensure that people get some benefit for low and moderate income households so that they can stay in their homes or buy homes.
4:52:31
So that's a thrust of, you know, our reforms that we're looking at.
Nantasha M. Williams
4:52:38
Do you agree with them that New York City has the power and jurisdiction to reform the property taxes without state intervention?
Preston Niblack
4:52:48
No.
4:52:49
The the basic framework for the property tax system is set in the real property state real property tax law.
4:52:57
So there's you know, that absolutely requires the legislature to act.
4:53:01
There are very limited powers that we have locally.
4:53:06
So know, you, the city council, obviously can set the rates every year.
4:53:10
We and the Department of Finance can set the assessment ratio.
4:53:13
But there's no, you know, there's very limited scope that we have for making any kind of changes more substantively.
Nantasha M. Williams
4:53:24
Thank you.