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admin 11.11.2013

A bill from Assembly Member Jim Brennan, who chairs the Committee on Corporations, Authorities and Commissions, would create a transportation finance authority to collect new taxes and help fund the MTA as well as roads, bridges, and transit statewide. A mandatory contribution from New York City, starting at $60 million in the first year and adding an additional $60 million each year until the city’s contribution is capped at $300 million annually.
That makes for a total $1.55 billion annually, which would be bonded against to provide $20 billion in capital funding. Although Brennan supports and says he would vote for the Move NY plan, road pricing is not included in his bill, so it lacks most of the traffic-busting, safety-enhancing benefits of toll reform. That makes for a total $1.55 billion annually, which would be bonded against to provide $20 billion in capital funding.
So this will have to be paid back with interest, but for the most part won’t be going to uses that increase revenue. Brennan proposes almost enough revenues to cover the MTA portion, but only if Generation Greed can cash in the next 30 years of revenues right now and the placard class doesn’t get hit with tolls.
I know I’m preaching to the choir in this group, but it was not painting the Brooklyn bridge every 10 years for a few million dollars that caused it to rust and cost 600 million to paint and repair. On the flip side, I’m perfectly fine with bumping up marginal rates for $1 million plus incomes if it turns out more money is needed. The assignment of $ 300 million to the city is a perfect placeholder for a future discussion of the Move NY plan, without encumbering the funding discussion with a still controversial item in Albany.
Instead of putting out a proposal and taking the lowest bidder, put on a preliminary framework and a price. Nothing happens until someone meets the price with a proposal that works and that will last 60-70 years until the MTA is in a position to do the same work again. One of the root causes of the general level of inflated costs is the very fact that the jobs are heavily audited. MTA, and other agency’s, have armies of compliance personnel to enforce the laws society has determined need to be in effect during a capital project. Absent these burdens the MTA already has enough dedicated tax revenues to pay for what we are getting today. Word On The Street “The entire area around the Botanical Garden is a pedestrian nightmare, and unfortunately, the institution has shown no interest in improving safety. New York City property tax system favors the rich, hits lower classes harder, News investigation finds Because of a bizarre method the city uses to charge residential taxes people living in upscale New York neighborhoods often pay less than those living in those living in poorer areas of New York. The owner of that lovely home pays $6,209 in property taxes a€” $710 less than his fellow Brooklynite, whose plot sits in one of the citya€™s poorest zip codes.
When it comes to property taxes, New York City homeowners live in an upside-down a€?Alice In Wonderlanda€? world a€” a system that often favors the rich and punishes lower- and middle-income property owners, a Daily News investigation has found. Because of the bizarre way the city taxes residential property, owners in upscale gentrified New York neighborhoods like Park Slope, Brooklyn Heights and the upper East Side often wind up paying less than owners in hardscrabble zip codes like East New York and Canarsie in Brooklyn, South Jamaica in Queens and Mott Haven in the Bronx.
Property taxes collected under this unequal system are the citya€™s biggest single source of money, accounting for 40% of all revenue and totaling $18.7 billion this year.

By law, the city is supposed to treat everyone the same, assessing taxes based on what the Finance Department determines as the a€?estimated market value" of a property and then applying a uniform 6% assessment ratio to that number. The budget office review of 135 neighborhoods for fiscal 2014 found the city overvalues residential property in 28 of the poorest neighborhoods while undervaluing residences in upscale zip codes.
The median sale price for residential properties there is $249,000, but the Finance Department put the median estimated value there at $394,000, the budget office found. Ditto with the home on Autumn Ave., which was sold in February for $462,000 but was tagged by the city in January with a market value of $621,000, records show.
The net effect is that homeowners with inflated market value estimates pay more in annual property taxes since their bill is based on the value assigned to their home by the city. Meanwhile, the city appears to undervalue homes in many upscale and middle-class neighborhoods, finding a€?estimated market valuesa€? that are less than actual sales prices.
This is true in the West Village and the Upper East Side, where property values never seem to diminish, as well as gentrifying neighborhoods like Fort Greene, DUMBO, East Williamsburg and Greenpoint in Brooklyn, the study found. George Sweeting of the budget office thinks the incorrect values result from the fact that the city cana€™t keep up with the fast-moving increase in values, so the bar remains artificially low when the city calculates taxes owed in these zip codes. A former Finance Department staffer who reviewed the data told The News, a€?The very first thing in any system is you have to get the market value right. Finance Department spokesman Owen Stone disagreed with the budget office findings, saying data suggest that city assessors get it right more often than not. This taxation inequality is aggravated by another phenomenon that occurs because the city caps the amount residential property taxes can rise each year. The cap was meant to prevent sticker shock for homeowners, but it winds up benefitting high-end latte neighborhoods at the expense of working class bodega nabes, experts say.
With homes, assessment increases that result from market conditions cannot exceed 6% in a single year and 20% over five years, regardless of how fast the market value is growing. A neighborhood like Canarsie has not experienced consistently rising property values, even during the housing runup of 2005-2008.
Thata€™s true throughout neighborhoods in south Queens like Jamaica and Ozone Park, all of the South and Central Bronx, and working class Brooklyn locales like Flatlands and Mill Basin. But neighborhoods like DUMBO, Park Slope and Fort Greene in Brooklyn, both the upper East and West Sides in Manhattan, and Long Island City in Queens experience a consistent rise in sales - thus triggering the cap. As a result, they wind up taxed far below the 6% ratio their neighbors in the hinterlands endure. Carol Kellerman of the Citizens Budget Commission a€” a longtime critic of the citya€™s assessment system a€” says the tax cap system winds up benefiting the wealthy, hurting the poor and leaving taxpayers holding the bag. Stone of the Finance Department agreed that a€?caps hold down assessed values in areas where market values are rising rapidly,a€? but said his agency is just following the rules. Source: NYC Independent Budget Office analysis of NYC Department of Finance data (FY 2014 for 1-3 family homes).
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If America is the greatest country in the world, than, the rest of the world must really suck! Consumers need protection, real protection against lobbyist, these huge corporations that have absolutely no regard for the working class people, except to use us, and hire us for cheap labor, lobbyist must be stopped. Middle class America voted for all you wonderful politicians, we put you into office to take care of us, the American people, yet we continue to be a neglected society, neglected here and now. It’s the first major transportation funding proposal to come out of Albany this year.
Of that, $12 billion would go to the MTA, nearly filling the $15.2 billion gap in its capital program, and the remaining $8 billion would be distributed through the New York State Department of Transportation, which also has a long-term gap in its capital program. Forcing the city’s hand through state legislation is also a dubious proposition to say the least. He has been covering the movement for safer streets, effective transit, and livable cities since 2012.
What portion of the MTA’s operating budget is already dedicated to debt service again? If 1.5 billion a year is all we can raise, lets only spend that much on our transportation network. And if I was lucky enough to be in that tax bracket, I wouldn’t be complaining about it, either. When you cannot manage your sourcing of Labor or the Material they are going to install, you are pretty much stuck with what we have.
Seriously, if you pass something like this plus MoveNY you have the funds to pay for necessary transportation spending in perpetuity.
What does concern me is income tax rate increases seem to has a nasty way of trickling down into income ranges where they really do hurt people. How can we be sure the tax increase won’t affect people making $250K two years after it initially passes because we still need more mass transit funding?
And suppose it’s still not enough so those making $100K pay half a percent more a year later.
The New York Taxpayer needs a break, so how about it, give us a€?New Yorkersa€? a break from all the dirty pollution, congestion, and corruption, and bring everything closer to the White House. When this line of thought continues, eventually the tax increase starts to affect people like me who really can’t afford it.

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