Property Taxes and Their Limits: Evidence from New York City
28 Pages Posted: 12 Jan 2014 Last revised: 8 Feb 2014
Date Written: February 2014
I report evidence from New York City that property assessment caps on small residential properties represent a significant tax benefit that accrues to the most valuable properties and the wealthiest neighborhoods. Moreover, rather than benefiting the long-time homeowners on fixed incomes who are their putative targets, the largest benefits go to the properties that are most likely to have been recently sold and to be located in neighborhoods where cash incomes have increased the most.
Keywords: property tax, assessment caps
Suggested Citation: Suggested Citation