NYC Real Property Tax Levy for Fiscal Year 2016
The Real Property Tax Levy for Fiscal Year 2016 will be $23.974 billion, assuming there is no change in the average tax rate. Should the average tax rate for all property classes stay the same for FY 2016 as it has since FY 2010, NYC is due for another large increase in the Real Property Tax Levy, $1.383 billion.
The only occurrences of larger increases in the levy were in FY 2003 and 2004 and FY 2009 and 2010. In these years, the levy increase was due to a significant increase in the average tax rate. Here are the annual tax levy increases from 2001 to 2016.
source: REBNY Research
We can cite several reasons for this rise in demand for US Real Estate by foreign Investors, but the primary attraction is the global recognition of the fact that the United States is currently enjoying an economy that is growing relative to other developed nations. foreclosure queens ny
ReplyDelete