Chair Lee and Commissioner Lee on property tax reform timeline and state action

Months ago this administration said it would form a plan that would be released within weeks and so just wanted to know when we can expect a property tax reform plan and what can you tell us what it may or may not look like.

So, May Ramdani has been long clear about the importance of property tax reform and fixing the inequities in our system.

That's why we're busy at work right now to craft that proposal.

It's going to largely build off of the recommendations from the advisory commission on property tax reform.

Which clearly lays out a lot of the structural reforms that are needed to make the system more equitable, less regressive, and more transparent.

And this is looking at it from a holistic view, how the impacts of one class and changes to one class or one type of property are going to impact the building types and the property types in other classes.

How if we move the class two co-ops and condos to a different system, how that will impact the small rentals, large rentals, commercial properties.

So we're looking at this very holistically and we'll hopefully be able to do this in the next state session.

And then the next state session, okay, which is consistent with what OMB had mentioned as well.

And as we know, it definitely impacts the outer boroughs and certain parts, like I know Deputy Speaker Williams talks about this a lot in Southeast Queens.

So do you believe that real tax reform can be done on the local level, or I'm assuming, I know the answer, or does it need to be done?

State action.

Because you have to wait until the next state session.

Yeah, we believe that the reform, the necessary steps to get to final and the best status of reform will be state legislative changes.

Okay.

We're holding you to that.