Only the NYS Legislature Can Alter the Real Property Tax Law

New York Real Estate Practice Group Leader Stuart Saft authored a CityBiz article about the Tax Equity Now New York (TENNY) lawsuit that was revived by New York's highest court, challenging New York City's property tax system as discriminatory against communities of color. TENNY argues that rental properties are unfairly taxed at higher rates than co-ops and condos, but the court did not address how tenants might be directly harmed or how co-op and condo owners would be impacted by changes. Critics point out that the current system results in owners of similar-value homes paying significantly less in taxes compared to co-op or condo owners, highlighting a fundamental inequity in how owner-occupied housing is classified. Mr. Saft describes the complexity of implementing fair tax assessments across diverse types of housing, noting that a legislative solution is necessary to address these systemic issues.

READ: Only the NYS Legislature Can Alter the Real Property Tax Law