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BOMA/NY Vows to Fight Property Tax Hike

NEW YORK CITY-BOMA's New York chapter is not ready to take the largest property tax hike in the city's history lying down. BOMA/NY offers to help the Bloomberg administration identify alternative revenue streams, but says the Mayor's 18.5% tax increase is unacceptable.

By Glen Thompson | Updated on December 02, 2002

NEW YORK CITY-The New York City chapter of the Building Owners and Managers Association International has come out swinging against the largest property tax increase in New York City history, signed this morning by mayor Michael Bloomberg. BOMA/NY says that while decreasing the originally proposed tax hike from 25% to 18.5% is a move in the right direction, the ramifications to the commercial building industry will still be devastating and the organization wants the administration to explore other revenue-producing measures before raising taxes.

“[The increase] is an extraordinarily heavy burden to place on an economic group that is still dealing with the aftermath of 9/11, as well as increasing vacancies and decreasing rentals,” states BOMA/NY president Vincent Fantauzzi. “Higher taxes will not encourage the private investment that is necessary for our City to thrive.

Fantauzzi urges Bloomberg to use his much-touted business acumen to develop “a tax program that brings business in, not drives it away. With such a successful businessman now in City Hall, we urge him to use the creative thinking that business engenders to keep our City healthy.”

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