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NYC Property Tax Lawsuit Might Elevate Housing Prices

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New York’s highest courtroom not too long ago gave the inexperienced gentle to a lawsuit alleging that property homeowners in underprivileged areas of New York Metropolis pay greater than their fair proportion of property taxes. And since excessive property taxes drive up hire costs, owners aren’t the one ones affected. Renters additionally face higher-than-necessary housing prices.  

A possible decision to the lawsuit may contain property tax will increase targeted on New York’s wealthiest residents. Property taxes are New York Metropolis’s largest income, at roughly $35 billion per yr.

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