17 Jan 2020

REBNY REPORT: Real Estate Industry Generates $31.9 Billion in Taxes, Helping to Fund Necessary City Services

REBNY REPORT: Real Estate Industry Generates $31.9 Billion in Taxes, Helping to Fund Necessary City Services

New York City’s real estate industry generated $31.9 billion in taxes over the last fiscal year, representing 53% of the City’s tax revenue, according to a REBNY analysis.

Highlights of the analysis include:

  • Real estate related taxes make up 53% of total NYC tax revenue, more than double the next closest contributor (Personal Income Tax made up 21%).
  • Of relevant taxes, Real Property Tax was the largest generator of revenue, contributing $28.0 billion.
  • Additional revenue from real estate related taxes was generated by Transfer Taxes ($1.4 billion), Mortgage Recording ($1.0 billion), Commercial Rent ($900 million) and Hotel Room Occupancy ($600 million).
  • Real estate related tax revenue accounts for 53% of the City’s total tax revenue, an increase from 47% in 2009. 

Read more at rebny.com

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