New York City and New York state have suffered a combined loss of more than three-quarters of a billion dollars in property tax revenue over the past year, according to a report from a real estate trade organization.
The report from the Real Estate Board of New York paints just how devastating the COVID-19 crisis has been to the city and state since the pandemic began in March. The board’s report indicates that compared to March-September 2019, investment and residential property sales dropped by 48 percent.
Comparing the year-to-date totals from this year to last, the decline in sales has led to a $755 million decline in tax revenue generated for both the city and state. The slumping property sales are especially critical considering that property taxes make up the majority of the city’s tax revenue. At 53 percent, the property tax