Property Tax Research in NYC [Report]

Student Name: Xinge Zhong(viola), Github account: xingezhong, NetID: xz1809

Abstract

This project has searched into two questions. First one, whether there exists an unequal contribution in NYC' property tax system. Second one, as part of property tax calculation, whether the DOF(Dept of Finance)'s assessed market value model is too old to accomplish its job.

My conclusion is that even it is true that our property tax now is being taxed rather weirdly, but the statistical model is fine. Even though some case of property tax is absurd, such as the luxury building barely pay no tax, even though some good-intention policies end up with tax poor people harder, the part of valuating market price is not the problem.

Figure1: Simplied Tax Calculation: Assessed Value * Tax Rate = Property Tax, by DOF