\u201cThe property tax is our single most important revenue source as a City. It is a significant tax burden on all property owners \u2013 and on their tenants, including renters and small business owners. We therefore owe it to the City\u2019s taxpayers to make the administration of the property tax as fair, transparent, and accurate as it can possibly be within the confines of current law. Today\u2019s hearing of the Council\u2019s Finance Committee was called because the Department of Finance has failed the taxpayers this year on all counts \u2013 and in so doing has undermined the public\u2019s confidence in the City\u2019s most important revenue source.<\/p>\n
\u201cDuring today\u2019s hearing, Finance Department Commissioner David Frankel came forward with a proposal that would in effect cap tax increases at an average of 10 percent on properties that suffered large increases in assessments this year. The Council asks that the Commissioner explore lowering the taxable value cap to under 10 percent. Home owners and owners of small rental properties currently have better protections from large increases. These could serve as model.<\/p>\n
\u201cIn addition, the Commissioner agreed during the hearing to post properties used as comparables for assessment purposes online in time to be evaluated by taxpayers next year \u2013 a step that failed to happen this year.<\/p>\n
\u201cFinally, the Department of Finance and the Council will now begin working together toward reforms to ensure that assessments are fair and accurate, including a structured process to review and validate methodology changes, and putting in place quality control measures to ensure that the resulting assessments are accurate and fair. <\/p>\n
\u201cTaxpayers will pay their fair share if they are confident that they are being treated fairly. Commissioner Frankel was forthright today in admitting the errors and shortcomings in this year\u2019s assessments, and articulated a plan to correct them going forward. We thank him for his efforts, and look forward to working with him and the Department in the coming months. We sincerely hope that today\u2019s hearing was the first step on the road to restoring taxpayer confidence in the property tax system.\u201d<\/p>\n
###<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201cThe property tax is our single most important revenue source as a City. It is a significant tax burden on all property owners \u2013 and on their tenants, including renters and small business owners. We therefore owe it to the City\u2019s taxpayers to make the administration of the property tax as fair, transparent, and accurate as it can possibly be within the confines of current law.<\/p>\n
…<\/p>\n