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Property Taxes: WTF?

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Property taxes are the ripe fruit from which the city nourishes itself on this desert island of a recession, so the Gotham Gazette wonders why the system makes no sense. There's disconnect between assessments and market values, co-ops and condos are treated as rental properties and even the Independent Budget Office is confused. GG opines: "As property taxes, already by far the most important city tax source, account for a greater share of city tax revenues it would be in the public interest for those in charge - the mayor and the City Council - to pursue transparency and equity in the system. Unfortunately, no one seems interested." [Gotham Gazette]