Download or read book No Increase in Property Taxes in New York City written by Leon E. Keyserling and published by . This book was released on 1966 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book No Increase in Property Taxes in New York City written by Citizen's Tax Council and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book NYC Property Tax Exemption Program written by Jenny Chiani Wu and published by . This book was released on 2012 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: New York City's tax expenditures relate to real property tax totaled $4.5 billion in fiscal year 2012. The largest expenditure relates to the "421-a" tax exemption program for new multi-family residential real estate development, which costs the New Yorkers nearly $1 billion in foregone tax revenue (Office of Tax Policy, FY 2012). The 421-a program was originally established in the 1970s to spur new multi-family developments. Initially, developers received full tax exemption on the assessed value of the new construction, which then decreased by a phase-out schedule where their property taxes were payable in full at the end of benefit period. As the private development market recovered, the city calibrated the program to (i) exclude certain neighborhoods from receiving benefits for strictly market-rate development and (ii) to spur affordable housing development by offering benefits of the program if a certain percentage of the total units constructed were affordable. Despite the success of the strategy in delivering 142,044 residential units in 2012 (Office of Tax Policy, FY 2012), the program has been subjected to increasing scrutiny as New York City's need for real estate tax revenue has increased. It is unclear how many of these units would have been built without the exemption. Many opponents have argued for the termination of the program because it has not produced benefits commensurate with the huge tax expenditures New York City has made, and that the beneficiaries had been landowners who captured the value of the abatements through higher land prices. As the program approaches its potential renewal in June 15, 2015, it is worthwhile to conduct a detailed analysis of the efficacy and cost of the current program. The thesis offers a thorough yet intelligible case study of a co-op building in Chelsea of how the property taxes would be calculated and the program's impact on the financial feasibility of the development. Different scenarios are created that follows each of the program reforms to understand the actual value of the property tax exemptions to developers and the ways in which such value is distributed. In the current environment where many New Yorkers find themselves facing a daunting housing market with decreased production and increased demand for affordable units, the program should strengthen its benefits to steer more developers towards creating affordable housing. Alternative financial models based on the case study suggest that the return of an improved negotiable certificate program can make the 421-a program a more effective affordable housing incentive without additional cost to the city.
Download or read book Real Estate Tax Exemption in New York City written by Citizens Budget Commission (New York, N.Y.) and published by . This book was released on 1967 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Some Probable Effects of the Exemption of Improvements from Taxation in the City of New York written by Robert Murray Haig and published by . This book was released on 1915 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Study of Real Estate Tax Exemption in the City of New York written by Walter J. Klink and published by . This book was released on 1962 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Real Property Taxation in New York City written by Philip Finkelstein and published by Greenwood. This book was released on 1975 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Only the Little People Pay Taxes written by Rachel Michelle Goor and published by . This book was released on 2017 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Across the U.S., property tax rates for rental buildings average 1.4 times higher than rates for homeownership properties. In New York City, the spread is 6.4 times. In a city where more than 50% of residents are rent-burdened, the Rent Guidelines Board estimates that fully 1/3 of rents are actually just passed-through property taxes. With both the Mayor and the Governor prioritizing housing affordability, reforming the property tax structure to better serve the City's millions of struggling renters should be a priority. This research examines how the existing property tax structure came to rule New York City, and explores its spatial outcomes across the five boroughs. Using data scraped from the 2015 property tax bills of every parcel in the City, this investigation finds that the Department of Finance deviates significantly from its publicized process when calculating tax bills, and moreover, that property taxes are poorly correlated with land, market, and assessed values. This study also investigates options for reform, and finds that while there is no 'silver bullet', there are a number of steps the City could take to mitigate some of the system's inequities and inefficiencies. These include instituting a single tax rate system applied to assessed values; a two tax class system based on full market values; and/or an increased tax on high-priced units. Lastly, this examination finds that any move towards a more functional system will require broad-based support from grassroots to grasstops. The final chapter outlines a rough framework for building such a movement.
Download or read book Reforming New York City s 421 a Property Tax Exemption Program written by Pratt Institute. Center for Community and Environmental Development and published by . This book was released on 2006 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Property Tax School Funding Dilemma written by Daphne A. Kenyon and published by Lincoln Inst of Land Policy. This book was released on 2007 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: States experiencing taxpayer revolts among homeowners are tempted to reduce reliance on the property tax to fund schools. But a more targeted approach can provide property tax relief and improve state funding for public education. This policy focus report includes a comprehensive review of recent research on both property tax and school funding, and summarizes case studies of seven states-- California, Massachusetts, Michigan, New Hampshire, New Jersey, Ohio and Texas. The majority of these states are heavily reliant on property tax revenues to fund schools. While there is no one-size-fits-all solution, the report recommends addressing property taxes and school funding separately.
Download or read book Rethinking Property Tax Incentives for Business written by Daphne A. Kenyon and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of property tax incentives for business by local governments throughout the United States has escalated over the last 50 years. While there is little evidence that these tax incentives are an effective instrument to promote economic development, they cost state and local governments $5 to $10 billion each year in forgone revenue. Three major obstacles can impede the success of property tax incentives as an economic development tool. First, incentives are unlikely to have a significant impact on a firm's profitability since property taxes are a small part of the total costs for most businesses--averaging much less than 1 percent of total costs for the U.S. manufacturing sector. Second, tax breaks are sometimes given to businesses that would have chosen the same location even without the incentives. When this happens, property tax incentives merely deplete the tax base without promoting economic development. Third, widespread use of incentives within a metropolitan area reduces their effectiveness, because when firms can obtain similar tax breaks in most jurisdictions, incentives are less likely to affect business location decisions. This report reviews five types of property tax incentives and examines their characteristics, costs, and effectiveness: property tax abatement programs; tax increment finance; enterprise zones; firm-specific property tax incentives; and property tax exemptions in connection with issuance of industrial development bonds. Alternatives to tax incentives should be considered by policy makers, such as customized job training, labor market intermediaries, and business support services. State and local governments also can pursue a policy of broad-based taxes with low tax rates or adopt split-rate property taxation with lower taxes on buildings than land.State policy makers are in a good position to increase the effectiveness of property tax incentives since they control how local governments use them. For example, states can restrict the use of incentives to certain geographic areas or certain types of facilities; publish information on the use of property tax incentives; conduct studies on their effectiveness; and reduce destructive local tax competition by not reimbursing local governments for revenue they forgo when they award property tax incentives.Local government officials can make wiser use of property tax incentives for business and avoid such incentives when their costs exceed their benefits. Localities should set clear criteria for the types of projects eligible for incentives; limit tax breaks to mobile facilities that export goods or services out of the region; involve tax administrators and other stakeholders in decisions to grant incentives; cooperate on economic development with other jurisdictions in the area; and be clear from the outset that not all businesses that ask for an incentive will receive one.Despite a generally poor record in promoting economic development, property tax incentives continue to be used. The goal is laudable: attracting new businesses to a jurisdiction can increase income or employment, expand the tax base, and revitalize distressed urban areas. In a best case scenario, attracting a large facility can increase worker productivity and draw related firms to the area, creating a positive feedback loop. This report offers recommendations to improve the odds of achieving these economic development goals.
Download or read book A Decade of Housing written by United States. National Housing Agency and published by . This book was released on 1946 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Resolution No 1004 written by New York (N.Y.). City Council and published by . This book was released on 2007 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reforming the Real Property Tax System in New York written by Economic Development Council of New York City and published by . This book was released on 1979 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Real Estate Owners and the Personal Property Tax written by New York Tax Reform Association and published by . This book was released on 1910 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Good Tax written by Joan Youngman and published by . This book was released on 2016 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In A Good Tax, tax expert Joan Youngman skillfully considers how to improve the operation of the property tax and supply the information that is often missing in public debate. She analyzes the legal, administrative, and political challenges to the property tax in the United States and offers recommendations for its improvement. The book is accessibly written for policy analysts and public officials who are dealing with specific property tax issues and for those concerned with property tax issues in general.
Download or read book An Investigation Into the Recent Significant Increases in Real Property Tax Assessments Placed on Rehabilitated Or Renovated Residential Dwelling Units in New York City written by New York (State). Legislature. Assembly. Standing Committee on Real Property Taxation and published by . This book was released on 2005 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt:
