New York City expects to receive $22.3 billion from property tax collections this fiscal year, or 40 percent of the city’s total $56.9 billion local revenue stream.
The revenues are a result of a strong real estate market as well as increased collections of property taxes, according to a Financial Control Board report cited by Capital New York.
Projections show that the number will rise to $25.5 billion — of a total of $63.1 billion — in FY 2019. This would mean a 14.1 percent, or a $3.2 billion, increase over the city’s four-year financial plan even though the city isn’t planning to increase the local property tax rate, according to the website. Due to higher property assessments, the city’s tax levy goes up every year even when the rate doesn’t change.
“The current strength of billable assessments was enabled by five consecutive increases in market values,” the report stated. “The upward trend of market values indicates that the local real estate market has normalized following the slump that hit after F.Y. 2009.” [Capital NY] — Claire Moses