New York legislators have swooped in to save the day with a bill to reinstate property tax caps and rent controls, but tax bills won’t be reduced.
New Yorkers were in a panic last week as rent control laws and property tax caps failed to be renewed. Since then legislators have worked out a new deal, and have even thrown in a new property tax rebate check. City residential developers received a 4 year extension of tax breaks under the law. However, it is unclear if and how many landlords might have been able to capitalize on the lapse in the law. Albany watchdog E.J. McMahon adds “Your property taxes will not actually drop at all as a result of this gambit.”
The New York property tax rebate program aims to start sending out checks for $130 to $185 to homeowners that qualify. Considering that almost 50% of NY property owners are overcharged each year, many might see this as more of a poke in the eye than real help. After all if you are being over-billed by even just a couple thousand dollars each year, is getting $185 back really a good deal?
What we need across all tax codes is simplicity and fairness. In theory that is what most individuals say they want, even though Rand Paul’s flat tax proposal is already taking flack online. Tax breaks and rebates are nice. Or at least better than not getting them. Yet, like many income tax breaks, credits, and adjustments, they do often harm the most vulnerable.
Yet again, NY property owners are really left with filing tax grievances and appealing their property tax bills as the only really meaningful solution.