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Ruling on NYC’s ‘Disparate’ Tax System Could Spur Reforms and Valuation Protests

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Ruling on NYC’s ‘Disparate’ Tax System Could Spur Reforms and Valuation Protests | New York Law Journal

















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https://www.law.com/newyorklawjournal/2024/03/20/ruling-on-nycs-disparate-tax-system-could-spur-reforms-and-valuation-protests/

The New York Court of Appeals on April 5, 2022 in Albany, New York. Photo: Ryland West/ALM The New York Court of Appeals on April 5, 2022 in Albany, New York. Photo: Ryland West/ALM

NEWS

The decision in an appeal filed by Latham & Watkins attorneys including ex-New York Chief Judge Jonathan Lippman, is not final, but an important step toward possible reform.

March 20, 2024 at 02:54 PM

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Brian Lee

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A split ruling by New York’s top court could rebuild New York City’s real-estate taxation system—which litigants agreed is “disparate”—with one city attorney suggesting it might lead to an influx of owners protesting valuations.

The city’s decades-old system allows for caps to underassess condos and co-ops in affluent neighborhoods, while placing a heavier portion of the burden on neighborhoods of persons of color, to the tune of a $400-million-a-year disparity by some estimates.

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