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Fix property taxes to stimulate business, former city officials say

??Three experts have called on the Adams administration and the City Council to revamp property taxes to a more transparent system to aid small-business owners, whose leases bear the brunt of mixed-use and commercial building costs.

“The existing system of business owners needs more transparency,” said Gregg Bishop, a former commissioner of the Department of Small Business Services. “Our mayors have avoided changing it because it’s kryptonite to their chances of getting re-elected.”

Bishop noted that similar Class 4 commercial properties are often assessed disparate values without explanation, and most mixed-use buildings housing small businesses on the ground floor pass on their high tax bills in the form of expensive leases.

Crain’s NY

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