NYC Undertaxes Most Valuable Apartments, Report Says
Law360, New York (July 25, 2013, 2:35 PM EDT) -- Some of the most expensive properties in New York City are regularly undervalued, resulting in a skewed tax burden for city residents, according to a report released Wednesday by New York University's Furman Center for Real Estate and Urban Policy.
Consistent undervaluation of expensive properties causes the property tax to be more regressive, allowing the owners of very valuable apartments to pay some of the lowest effective tax rates, according to Vicki Been, co-director of the Furman Center.
“The undervaluation of condos and co-ops in New York City is one of several significant inequities in the property tax system,” Been said...
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