Real estate taxes drive up city revenue

New York /
Feb.February 17, 2011 03:13 PM

Tax revenues in New York City’s fiscal budget are predicted to increase beyond previous projections, to $40 billion in 2011 from $39 billion, and to $41.9 billion in 2012, from $40.8 billion, producing an additional $2.1 billion in revenues, according to the Fiscal Year 2012 preliminary budget and an updated four-year financial plan presented today. The increase in revenues was driven by economically sensitive tax revenues, which include real estate taxes, personal income, sales and business, Mayor Michael Bloomberg said. Factors contributing to the continued rebound in city tax revenue include New York City’s commercial real estate market, which remained the strongest in the U.S., Bloomberg noted. He outlined a proposal to close a $4.58 billion deficit with no tax increases for New Yorkers and without additional cuts in city-funded services. “By tightening our own belt for years and growing our economy, we’ve kept our house in order and closed our own budget gap without further cuts,” he said. “Our sound management will help avoid the worst impacts of state cuts, but we can’t compensate for the full loss in state funding… If the state does not come through, layoffs and service cuts will be more severe.” TRD


Related Articles

arrow_forward_ios
New York City mayor Eric Adams and 936 Lafayette Ave (Getty, Google Maps)
Here’s how much NYC mayor made from his Brooklyn home
Here’s how much NYC mayor made from his Brooklyn home
Michigan developer Scott Chappelle (Scott Chappelle, Illustration by The Real Deal; Getty)
Michigan developer sentenced to prison for tax evasion
Michigan developer sentenced to prison for tax evasion
From left: Boston Mayor Michelle Wu and South Boston Senator Nick Collins with Boston City Hall
Controversial transfer tax bill advances in Boston
Controversial transfer tax bill advances in Boston
34-24 Hunters Point Ave
City accuses its landlord of gaming property taxes
City accuses its landlord of gaming property taxes
Senator Chuck Schumer and Senator Joe Manchin (Illustration by Kevin Cifuentes for The Real Deal with Getty)
Manchin-Schumer deal closes real estate tax loophole
Manchin-Schumer deal closes real estate tax loophole
L+M’s Ron Moelis and 180 Broome Street (L+M, City Realty, iStock)
L+M accused of overcharging tenants at 421a building
L+M accused of overcharging tenants at 421a building
Mayor Steven Fulop (Mayor Steven Fulop)
Jersey City needs developers to make its inclusionary housing work
Jersey City needs developers to make its inclusionary housing work
From left: Mayor Eric Adams, Governor Kathy Hochul, and Assemblymember Edward Braunstein (Getty Images, Assembly District 26, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Say goodbye to another property tax break
Say goodbye to another property tax break
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...