Call to cut property transfer taxes

July 23, 2007 12:00AM

The city is expected to collect $1.7 billion in property transfer taxes this year, or $350 million more than it brought in last year. Some politicians are calling for the Bloomberg administration to cut the tax rate, which was raised in 2002 in order to bring in more revenue for the city. “These taxes are definitely a hindrance when it comes to buying and selling property,” said City Councilman Peter Vallone Jr. The average Manhattan apartment seller pays around $20,000 in city and state property transfer taxes. more [Sun]

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