Revenue Generated from NYC Real Estate Taxes
- Real estate taxes from all classes total $19.6 billion. This represents 45 percent of the locally generated taxes and 28 percent of the City’s total budget.
- All real estate related taxes (property, commercial rent, mortgage recording, transfer and hotel occupancy) totals $22.6 billion. This represents 52 percent of the locally generated taxes and 32 percent of the City’s total budget.
- Income producing property (Class 3 and 4 and the rental properties in Class 2) accounts for 66.5 percent of the real estate taxes, or $12.14 billion in projected real estate tax revenue.
- Income producing property generates an estimated 65 percent of the mortgage recording and transfer taxes, or $1.185 billion.
- All of the income producing property taxes (real estate and the other real estate related taxes) represent 34 percent of the total taxes collected, or $14.525 billion.
- Total taxes from income producing property are greater than the sales and personal income taxes combined.
- The other real estate related taxes (transfer, mortgage recording, commercial rent, and hotel occupancy) from income producing property generate $2.384 billion.
NYC/Finance
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