Drop in real estate taxes hurting MTA

As real estate sales have slowed and transaction taxes have dropped, the Metropolitan Transportation Authority, the city and the state overall are seeing revenues much lower than the $400-million plus that came in on a monthly basis in early 2007, at the high point of the real estate boom. The MTA on Monday announced a budget shortfall of $621 million for this year, and about half of the shortfall was due to real estate transfer taxes being lower than expected. Between January and February 2007, the city pulled in $604 million in mortgage recording taxes and property transfer taxes, compared to $141 million during the same period this year.