Showing posts with label NYC real estate tax. Show all posts
Showing posts with label NYC real estate tax. Show all posts

Nov 18, 2013

Revenue Generated from NYC Real Estate Taxes


Real estate produces essential tax revenues relied upon in the City’s total budget.  real estate taxes, together with real estate related taxes, total $22.6 billion for FY 2014 and represent more than half of the total local taxes collected and make up nearly a third of the City’s total budget.  Taxes generated from income producing properties represent about two thirds of total real estate taxes, and exceeds sales and personal income taxes combined.
  • 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.
source: REBNY research 

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