New York City’s real estate-related tax revenue hit a record $37 billion last year and is projected to reach $50 billion this fiscal year, according to REBNY. Commercial real estate remains the primary driver, contributing 82 percent of property tax revenue. Real estate taxes accounted for nearly half of the city’s total tax revenue and have doubled since 2010. The funds support municipal services and infrastructure, with $5 billion directed to the MTA’s Capital Lockbox. Despite rising tax assessments, office owners continue to face challenges with declining sales values.
REBNY
