The New York City Budget for 2013 is $68.5 billion, less than a one percent increase over last year. Yet some homeowners saw double digit rises in their properties assessed value?
Since fiscal year 2003, New York City’s budget has increased 53.5 percent from $44.6 billion, higher than the rate of inflation.
Real property tax revenue in 2013 will be $18.4 billion, less than a three percent revenue increase over 2012. But not for all. Some will have to carry a much higher burden because…..well, just because….
Since fiscal year 2003, real property tax revenue has increased 87.8 percent. Thats almost 9% per year!
The real property tax revenue is greater than the revenue from the personal income, sale and use, general corporation, and banking corporation taxes combined. In 2013, real estate related taxes (real property, commercial rent, real property transfer, mortgage recording, and hotel) accounts for 48.3 percent of the city’s tax revenue.
So, if real estate taxes are the critical income producer for New York City, isn’t it time for a MAJOR, complete re-assessment of the entire real estate portfolio of NYC to correct the many irregularities and inconsistencies in our real estate taxation system? There are simply too many glaring beneficiaries and a small group who are punished in the current system and this has to be stopped. Now. Register at : www.NYCDUPE.com to get the fight started.