NY Lawmakers to Propose Constitutional Amendment Revoking Universitys’ Property Tax Exemption

From the NY Times and the Hechinger Report:

State lawmakers will unveil legislation on Tuesday that would eliminate enormous property tax breaks for Columbia University and New York University, which have expanded to become among New York City’s top 10 largest private property owners. The bills would require the private universities to start paying their full annual property taxes and for that money to be redistributed to the City University of New York, the largest urban public university system in the country.

Columbia and N.Y.U. collectively saved $327 million on property taxes this year. The amount the schools save annually has soared in recent decades as the two have bought more properties, and the value of their properties has also increased. Repealing the tax breaks would face substantial obstacles. The exemptions — which apply to universities, museums and other nonprofits — are nearly 200 years old and part of the state constitution. Overriding them would mean lawmakers would have to adopt the changes in consecutive legislative sessions. Then, voters would have to approve them on a statewide ballot.

“When the constitution of the state was written, there was no idea that such an exemption could apply to two of the top landlords in New York City,” said Assemblyman Zohran K. Mamdani, a Queens Democrat who is introducing the bill in the Assembly. “This bill seeks to address universities that have so blatantly gone beyond primarily operating as institutions of higher education and are instead acting as landlords and developers.”

Here is the proposed amendment.

darryll k. jones