NYC Finance Leaders Pitch Property Tax Reform Plan to Lawmakers

New York City finance officials have drafted a proposal to reform the city’s property tax system, with the goal of introducing the bill in next year’s legislative session, Finance Commissioner Preston Niblack said Thursday.

“We’ve begun to engage with the City Council and state elected officials on our proposal to reform the city’s property tax,” Niblack said at the department’s annual TaxRAPP event for tax professionals. He said the draft legislation “largely builds” on recommendations including in a 2021 report by the city Advisory Commission on Property Tax Reform.

Niblack said on the sidelines that the ...