Below is the first part of an article by Corrine Lestch from nydailynews.com. It reads…
The city’s property tax system has long been criticized for favoring homeowners over renters, but a bombshell lawsuit filed Wednesday charges that it discriminates against blacks and Hispanics as well.
The allegation, if upheld, could force a radical overhaul in how property taxes are levied — potentially forcing homeowners to pay billions of dollars more each year.
“The state would have to alter the property tax system to address the disparities, which would change the distributions of property tax burdens,” said Doug Turetsky of the Independent Budget Office.
The class action lawsuit seizes on a long-documented imbalance: one-, two- and three-family homes account for 48% of the market value of all city property, yet generate 15.5% of property tax revenues.
Read more: http://www.nydailynews.com/new-york/city-property-tax-system-discriminates-blacks-hispanics-suit-article-1.1703505#ixzz2ua2zI6TE
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