GLENN YOST, CANDIDATE FOR STATE ASSEMBLY 62ND DISTRICT, ENDORSED BY NICOLE MALLIOTAKIS; DUO OUTLINE PLAN TO SOLVE RISING PROPERTY TAXES ON STATEN ISLAND
Staten Island, NY – Glenn Yost, running in the Republican Party primary in the 62nd district, and Assemblywoman Nicole Malliotakis outlined a comprehensive property tax revision plan today. Malliotakis ran in the 2017 mayoral elections and has been serving in the New York State Assembly since 2010.
The first point in their plan changes how property taxes are calculated. The second point caps the property tax levy at 2%. The third is a tax protection for select senior citizens.
Currently, there is a 6% property tax levy for Class 1 properties. These properties include one, two, and three family homes. The property assessments, which the levy is based off, can increase by 6% each year and a maximum of 20% over five years.
While this may sound simple enough, property assessments are not the exact market values of the homes. Combined with the fact that market values increase at different rates across the city, homeowners with slower market value growth pay a grossly disproportionate amount of property taxes.
For example, under the current property tax system, Mayor Bill de Blasio paid $3,581 in property taxes on a $1.7 million home. Assemblywoman Malliotakis, who owns a home valued at $549,000, claimed she paid $5,521.
This is a result of differentiating effective tax rates. The South Shore residents had the highest effective tax rate of any district in the city: 1.05%. The North Shore and Mid-Island followed with 1.03% and 1.02%, respectively. The mayor’s district was the lowest in the city at 0.32%.
The first point of their plan is to assess property at full market value. This means the share of the market value being taxed and the effective tax rate would be equal among homeowners. If properties of equal value in one year grow at different rates, then the one that grows at a higher value will be taxed at a much higher rate than the other.
Another factor in rising property taxes on Staten Island, addressed in their second point, is the lack of a property tax cap. Whereas other municipalities in New York have a cap, New York City doesn’t. This has led to a 44% increase in property tax levies since 2012. Under Malliotakis and Yost’s plan, the cap would save NYC about $30.2 billion and Class 1 property owners would save $3.8 billion.
The third point would create a property tax cap for senior citizens. Malliotakis elaborated:
“Under the current system, seniors who may have paid off their mortgages and now being hit with higher property taxes that they can’t afford. Our plan would pertain to seniors sixty-five and older, who earn less than $75,000, and who have lived in their residence for more than twenty years. Their property tax payments would be capped based on a percentage of their income.”
Following the explanation of their plan, Assemblywoman Malliotakis stated that she will endorse Glenn Yost in his campaign to take the 62nd Assembly district seat.
“I need experienced allies in Albany that could get this legislation pushed through. Mr. Yost is more than qualified for the position. His work as legal counsel to Senator Lanza has helped create legislation that brought beneficial change to the people of Staten Island. I’m looking forward to working side-by-side with Mr. Yost after the primary.”
After thanking Assemblywoman Malliotakis for her wholehearted endorsement, Yost expressed a strong condemnation of the city’s treatment of the borough:
“For too long Staten Island and its residents, particularly on the South Shore, have been last on New York City’s agenda. From public transportation to property taxes, from crumbling infrastructure to trash in our streets, the people of the 62nd district deserve better. They deserve someone who wants to stay as their Assemblyman and who totally commits himself to the betterment of the South Shore. That’s why I’m running. I can’t wait to work with Assemblywoman Malliotakis to shake up the liberal New York State Assembly.”