THE INVISIBLE ENGINE: 2019 Economic Impact of New York City’s Real Estate Industry

NEW YORK CITY REAL ESTATE RELATED TAXES FY 2019: CONTRIBUTION TO TOTAL CITY TAX REVENUE

ANNUAL TAXES FROM REAL ESTATE RELATED TAXES1

  • Real Estate related taxes (real property, commercial rent, hotel occupancy, mortgage recording, and transfer) accounted for $31.9 billion in New York City.
  • 53% of all New York City taxes collected were real estate related.
  • Real estate related tax contributions increases, as a share of the total taxes of the City, by 6% from 2009 to 2019. 
  • Real estate related taxes could pay for the City’s entire share of salaries for all 300,731 positions of full-time city employees, which is $29.03 billion for FY 2019.

 

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Fiscal Year: 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Real Property Tax $28  $26 $24.2 $22.6 $21.1 $19.8 $18.6 $17.9 $17.0 $16.2 $14.8 $13.1
Mortgage Recording $1.0 $0.9 $1.1 $1.5 $0.9 $0.8 $0.6 $0.5 $0.4 $0.4 $0.8 $1.1
Hotel Room Occupancy $0.6 $0.6 $0.5 $0.5 $0.5 $0.5 $0.5 $0.4 $0.4 $0.4 $0.4 $0.4
Commercial Rent $0.9 $0.8 $0.8 $0.8 $0.7 $0.7 $0.7 $0.6 $0.6 $0.6 $0.6 $0.6
Transfer $1.4 $1.4 $1.5 $1.5 $1.4 $1.3 $0.9 $0.9 $0.7 $0.6 $1.0 $1.3
Real Estate Tax Total $31.9 $29.7 $28.1 $26.9 $24.6 $23.1 $21.3 $20.3 $19.4 $18.2 $17.6 $16.5
Sales and Use Taxes $7.8 $7.3 $7.1 $7.0 $6.7 $6.4 $6.1 $5.9 $5.3 $4.8 $4.8 $4.6
Personal Income $12.6 $11.8 $11.5 $11.4 $10.1 $8.9 $9.1 $8.6 $8.1 $7.0 $8.5 $8.5
Corporate Income $5.9 $5.8 $5.9 $6.0 $6.0 $5.8 $5.6 $5.7 $5.0 $4.4 $4.7 $5.4
Other Taxes $2.2 $2.0 $1.8 $1.7 $1.8 $1.7 $1.8 $1.6 $1.6 $1.7 $1.6 $1.5
Non-Real Estate Tax Total $28.5 $26.9 $26.3 $26.1 $24.6 $22.8 $22.6 $21.8 $20.0 $17.9 $19.6 $20.0
Total Taxes $60.4 $56.6 $54.5 $52.5 $49.4 $45.8 $43.8 $42.1 $39.0 $36.0 $37.1 $36.5
Real Estate % of Total 52.8% 52.5% 51.6% 51.2% 49.8% 50.4% 48.6% 48.2% 49.0% 50.6% 47.4% 45.2%

 SOURCE: NYC Comptroller - The State of the City’s Economy and Finances