The persistent absence of property tax reform in the New York State of the State address highlights deep-rooted inequities in the system, affecting homeowners unequally.
A state-mandated cap on annual assessed value growth has resulted in widely varying effective tax rates, burdening some households while favoring wealthier ones disproportionately.
Homeowners find the property tax system not only complex but also intentionally opaque, leaving many unaware of the factors that influence their tax liabilities.
Despite efforts to clarify the process, most New Yorkers remain confused about their property taxes, underscoring the dire need for a reform of the entire system.
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