Following the release of "actual value" property tax assessments from the Board of Revision of Taxes to City Council and the Mayor, Councilman Frank DiCicco today plans to introduce legislation that he says could ease the the impact of new tax bills on residents.
DiCicco said he wanted to "begin a discussion on addressing what we anticipate could be a significant increase."
There are two measures DiCicco wants the city to look at. One is taxing residents based on a five-year average of their tax bills, which would theoretically ease people into their new tax rates. The other would be to base property taxes on a "floating tax rate" -- meaning the city would determine how much revenue they need from property taxes and set rates accordingly.
Both measures may require state authorization.