Real Estate News
--> New York News
New York City Sees Tax Gain as Real Estate Values Jump 9 Percent
(Bloomberg)—New York City is still reaping the benefits of the real estate boom. The city set a value of $1.26 trillion for its more than one million properties for the fiscal year beginning in July, an increase of 9.4 percent over the previous period ...
(Bloomberg)—New York City is still reaping the benefits of the real estate boom.
The city set a value of $1.26 trillion for its more than one million properties for the fiscal year beginning in July, an increase of 9.4 percent over the previous period that promises to boost the government’s tax collections.
Residential and commercial property value in Brooklyn rose 12 percent, the most of New York’s five boroughs, to $335.5 billion, according to the city’s finance departmentManhattan property rose 7.3 percent to $483.6 billion, the slowest growth.
“This year’s roll confirms increases in the real estate market and additional construction activity in New York City, which is not just concentrated in Manhattan," Jacques Jiha, the city’s commissioner for the department of finance, said in a statement.
Real estate taxes are the largest contributor to New York City’s revenue and the primary source of funds that back its $40 billion in outstanding general-obligation bonds.
The increase follows jumps of 8.7 percent for fiscal 2018 and 10.6 percent the year beforeThe city plans to collect $27.4 billion in property taxes in fiscal 2019, or about 43 percent of its revenue, according to the city’s November financial plan.
The General Motors Building on Fifth Avenue and Bank of America’s tower on Bryant Park are the city’s most expensive properties, both valued at about $1.94 billionThe Bank of America tower was publicly subsidized by the Liberty Bond program, which granted corporations $8 billion in tax-exempt financing to help the city recover from the Sept11 terrorist attacks.
Rental apartments accounted for about 40 percent of citywide construction activity, which totaled $13.3 billionThe trend was most pronounced in Manhattan, where rentals accounted for 36 percent of all construction.
To contact the reporter on this story: Martin ZBraun in New York at [email protected] To contact the editors responsible for this story: James Crombie at [email protected] William Selway, Michael BMarois
Trending New York News:
New Yorkers find cash hidden by California real estate investor in Central Park, Brooklyn
Exploring NYC’s newly hot neighborhoods with an eye for staying power
5 Reasons to to Invest in U.S. Real Estate Post Brexit
Reis, Inc. Expands Coverage of Seniors Housing Sector
Time for New York to scrap old scaffold law
Morrison & Foerster Adds Real Estate Finance Lawyer in New York
Program Targets Real-Estate Technology
Growing interest in Newburgh real estate
'Million Dollar Listing' star shares real estate tips
New York City’s Constraints on Development Less Than Other Big Cities
Partnership Led by Apollo Global Real Estate Acquires Central London Data Center Site and Creates New Operator, Volta
Changing face of New York real estate
Fate of Prince’s Properties Is a Cautionary Tale on Estate Planning
Chinese group buys Waldorf Astoria
Sidley Snags Jones Day Real Estate Team
This pricey piece of real estate comes with a subway car
Real Estate Firms Settle with NY AG over Section 8 Rejections
Loyalty and lies central in Durst star witness testimony
NY Real Estate Investor Can’t Duck Tax Bill
Women In Commercial Real Estate Speak Out On Industry’s Increased Diversity, Room For Improvement