Real estate transactions affect MTA budget

December 18, 2008 11:04AM

The Metropolitan Transportation Authority will have to impose fare increases and service cuts beginning in the spring due to state budget constraints.
Real estate transaction taxes are one of the MTA’s main sources of
revenue, and revenue has declined as transactions have fallen. Real
estate and mortgage taxes have so far brought in $37 million this month, compared
to $103 million during the same time in 2007. Even with the economic
downturn, the MTA had expected to receive $64 million in December.

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