Twenty-five years later, Mayor Bill de Blasio and Corey Johnson, the current Council speaker, created a commission in 2018, but it remains to be seen whether they will forcefully support the panel’s recommendations.

On Thursday, the mayor and Mr. Johnson already appeared to be wary of embracing the recommendations, mindful perhaps that any significant change would surely set off a flurry of lobbying, angry town-hall-style meetings and pressure from state lawmakers.

Mr. Johnson called the plan “a work in progress” and said that he wanted to examine how the system would affect renters as well as how best to address luxury housing.

“I’m eager to hear the public’s feedback on these recommendations,” Mr. Johnson, a Democrat, said in a statement.

Mr. de Blasio, a Democrat in his second and final term, praised the commission’s work, but he stopped short of a full-throated endorsement.

“The commission’s recommendations are the most significant reforms proposed in 40 years and will bring a much needed level of fairness, transparency and simplicity to the entire system,” Mr. de Blasio said in a statement. “I thank the commission for its hard work tackling these issues head on and looking forward to their final report.”

In addition to making the system more equitable, the commission’s proposal seeks to simplify it. In the process, it could disrupt an unspoken rationalization that many city homeowners make: Even though the cost of living in New York City, which includes city income taxes, is astronomically high, property taxes are still much lower than in neighboring suburbs.