| NYC
Real Estate Taxes on Residential Properties, by Borough |
|
|
|
|
|
|
| (a spreadsheet
showing the borough incidence of the 18.5% property tax surcharge enacted in
Nov. 2003) |
|
|
| C. Komanoff / kea@igc.org |
|
|
|
|
|
|
| Bridge Tolls Advocacy
Project / www.bridgetolls.org |
|
|
|
|
|
|
| First
calculated Feb. 6, 2003; finalized for public consumption March 4, 2003 |
|
|
|
|
|
| Note: 18.5%
surcharge applies to all real property, but only
residential is shown here. |
|
|
|
|
|
|
|
|
|
|
|
|
Manhattan |
Bronx |
Brooklyn |
Queens |
S.I. |
Citywide |
|
|
|
|
|
|
|
| Billable Assessed Value,
Class 1 Properties, $ Millions |
$
404.1 |
$
834.1 |
$
3,028.0 |
$
4,344.0 |
$
1,486.4 |
$ 10,096.6 |
| Billable Assessed Value,
Class 2 Properties, $ Millions |
$ 19,397.2 |
$
2,096.2 |
$
3,995.0 |
$
4,003.0 |
$
183.5 |
$ 29,674.9 |
| Billable Assessed Value,
All Residential Prop., $ Millions |
$ 19,801.3 |
$ 2,930.3 |
$ 7,023.0 |
$ 8,347.0 |
$ 1,669.9 |
$ 39,771.5 |
| (Report page number for above data; see
below for report citation) |
p. 5 |
p. 6 |
p. 7 |
p. 8 |
p. 9 |
|
|
|
|
|
|
|
|
| "Before" |
|
|
|
|
|
|
| Tax Rate on Class 1
Properties, 1H FY 2003 |
11.936% |
11.936% |
11.936% |
11.936% |
11.936% |
11.936% |
| Tax Rate on Class 2
Properties, 1H FY 2003 |
10.564% |
10.564% |
10.564% |
10.564% |
10.564% |
10.564% |
| Annualized Taxes on Class
1 Prop., 1H FY 2003, $ Millions |
$ 48.2 |
$
99.6 |
$
361.4 |
$
518.5 |
$
177.4 |
$
1,205.1 |
| Annualized Taxes on Class
2 Prop., 1H FY 2003, $ Millions |
$ 2,049.1 |
$
221.4 |
$
422.0 |
$
422.9 |
$ 19.4 |
$
3,134.9 |
| Annual co-op and condo
abatement, FY 2002, $ Millions |
$
142.3 |
$ 4.1 |
$ 11.0 |
$
24.1 |
$ 0.8 |
$
182.3 |
| Total Annz'd Taxes on
Res. Prop., 1H FY 2003, $ Millions |
$ 1,955.0 |
$
316.9 |
$
772.4 |
$
917.3 |
$
196.0 |
$
4,157.7 |
|
|
|
|
|
|
|
| "After"
(note: implied increases in tax rate %'s differ
slightly from 18.5%, due to veterans' and other minor exemptions and
offsetting true-ups)g true-ups) |
| Tax Rate on Class 1
Properties, 2H FY 2003 |
14.160% |
14.160% |
14.160% |
14.160% |
14.160% |
14.160% |
| Tax Rate on Class 2
Properties, 2H FY 2003 |
12.517% |
12.517% |
12.517% |
12.517% |
12.517% |
12.517% |
| Annualized Taxes on Class
1 Prop., 2H FY 2003, $ Millions |
$ 57.2 |
$
118.1 |
$
428.8 |
$
615.1 |
$
210.5 |
$
1,429.7 |
| Annualized Taxes on Class
2 Prop., 2H FY 2003, $ Millions |
$ 2,427.9 |
$
262.4 |
$
500.1 |
$
501.1 |
$ 23.0 |
$
3,714.4 |
| Annual co-op and condo
abatement, FY 2003, $ Millions |
$ 168.7 |
$
4.8 |
$
13.1 |
$
28.5 |
$
0.9 |
$
216.0 |
| Total Annz'd Taxes on
Res. Prop., 2H FY 2003, $ Millions |
$ 2,316.5 |
$
375.6 |
$
915.7 |
$
1,087.6 |
$
232.5 |
$
4,928.0 |
|
|
|
|
|
|
|
| Total Effective Annz'd
Surcharge on Res. Prop., $ Millions |
$ 361.5 |
$
58.7 |
$
143.3 |
$
170.3 |
$
36.5 |
$
770.4 |
|
|
|
|
|
|
|
| Borough Share of Real
Estate Taxes (and Surcharge) |
47% |
8% |
19% |
22% |
5% |
100% |
|
|
|
|
|
|
|
| Manhattan Surcharge vs.
Other Boroughs, $ Millions |
|
$
303 |
$
218 |
$
191 |
$
325 |
|
|
|
|
|
|
|
|
| Primary Data
Source: "Annual Report: The New York City Property Tax, FY 2002,"
NYC Dept. of Finance, Office of Tax Policy. |
|
|
|
|
|
|
|
|
|
| Billable
Assessed Values are for FY 2002 and are from Annual Report, pp 5 through 9
(one page per borough); NYC total is sum of five entries. |
|
|
|
|
|
|
|
| Tax rates are
from e-mail from NYC Dept of Finance, personal communication, Feb 6, 2003. |
|
|
|
|
|
|
|
|
|
|
|
| Co-op and condo
abatement dollar figures are for FY 2002 and are from Annual Report, pp
34-35. We divided them by the sum of Class 1&2 |
| annualized
taxes to calculate the effective co-op and condo abatement rates for each
borough. We then applied them to 2H FY 2003 taxes to |
| calculate est'd abatement
levels for FY 2003. Here are the eff. rates: |
6.79% |
1.27% |
1.41% |
2.56% |
0.39% |
|
|
|
|
|
|
|
|