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We need real examples of the 2021 New York City Property Tax Proposal.
@nycibo Can someone such as Mr. Sweeting give real examples of the "phase-in" of Property Tax Advisory Commission. E.g., a $2M market value Class 1 with a Taxable AV $20K and a tax bill of $4.5K What will be the tax bill in Year 1 through 5??? See https://nyc.tidalforce.org/search/3010240018…
"The Commission recommends that annual market value changes in the new residential class be
phased in over five years at a rate of 20% per year, and that Assessed Value Growth Caps should
be eliminated. " from https://www1.nyc.gov/assets/propert
A detailed example would be helpful. Since it cannot be that we would pay 20% of new tax and 80% of old tax. How would this phase in be actually calculated??? It does not seem to fit the transition shown here: https://www1.nyc.gov/site/finance/t