The property tax system in New York City is unjust, and Staten Island is one of the neighborhoods that is hit hardest by this unfairness.
The current system assesses property values, which are often outdated and incorrect, leading to disparities in taxation. Staten Island has a significant number of single and two-family homes that are evaluated at higher rates than larger multifamily buildings. As a result, many Staten Island residents are paying more in property taxes than they should be, which is causing financial hardship for many families.
Additionally, the city’s property tax system is based on a formula that has not been updated in decades. This outdated formula does not reflect current market conditions and property values, which means that many homeowners are paying too much in property taxes. This is especially true in Staten Island, where many residents are struggling to make ends meet. It is time for the city to address this issue and update the property tax system to make it more equitable for all New Yorkers.