A recent state court ruling has created a path toward major changes to New York City’s property tax system — albeit one that could have mixed consequences for co-ops and condos owners. In a 4-3 ruling, the New York Court of Appeals allowed a lawsuit alleging the city’s property tax system is unfair and illegal to move forward. Tax Equity Now New York (TENNY), a coalition of homeowners, real estate industry groups and civil rights organizations, filed the suit, claiming the property tax system benefits unit-owners and shareholders in wealthier neighborhoods at the expense of renters and unit-owners in lower-income neighborhoods. Read the article…………………………….
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