Section 581

Art, infographic, Policy, real estate trends

SITU, Storefront for Art and Architecture, Property Taxes, Section 581, Sharing Models: Manhattanisms, Billionaire's Row, Taxes

“Section 581” by SITU Studio, Photograph by Patrick Mandeville

Billionaires get off nearly tax-free and billions go uncollected due to flaws in the way the city assesses property value. As part of a new exhibit at the Storefront for Art and Architecture in Soho, interdisciplinary architecture firm SITU Studio created visual representations of these inequities in one of their most glaring examples: the buildings along Central Park.

New York City’s property tax structure assigns higher real property taxes to renters than it does to the infamous absentee owners of the trophy condos on Billionaires’ Row, short-changing the city of millions in annual revenue, according to CityLab. The acrylic bands in the SITU models show the disparity between the taxed value of these properties and the sky-high amounts they’d actually sell for.

Find out how the state law is giving billionaires a free lunch