by M Dowling, Independent Sentinel:
Since the pandemic, more New Yorkers stopped paying their property taxes. It’s attributed to the end of the tax-lien sales program that would go into effect when people didn’t pay their taxes.
The notoriously incompetent City Council didn’t renew it. Under that plan, the city was authorized to sell liens on single-family homes and condos after three years of nonpayment; liens on other property types could be sold after one year.
TRUTH LIVES on at https://sgtreport.tv/
They don’t have to and don’t seem to care, or they can’t because New York is bad for business. Inflation and regulations are not mentioned but must be part of the problem. Bloomberg mentions that mandatory regulated rents make it hard for landlords to collect rents.
Overdue property taxes are forecast to reach their highest level ever, jumping by over 30% to more than $880 million at the end of the fiscal year in June from three years ago. That means New York will bring in less tax revenue since nearly half comes from property tax collections.
THERE ARE NO CONSEQUENCES
“It’s not just the absolute dollar amount that I think should worry us all,” said Preston Niblack, the city’s Finance Commissioner, at a March 4 City Council finance committee hearing.
It’s people realizing that “there are no consequences for not paying your property taxes,” he said. “That just can’t be allowed to continue.”
NY IS BAD FOR BUSINESS
The rise in unpaid property taxes comes as New York’s office market continues to struggle. According to the city’s January financial plan, the overall vacancy rate for Manhattan office space stood at 22.5% in November, the highest on record.
Read More @ IndependentSentinel.com
