THE INVISIBLE ENGINE: 2018 Economic Impact of New York City’s Real Estate Industry

NEW YORK CITY REAL ESTATE RELATED TAXES FY 2018:

CONTRIBUTION TO TOTAL CITY TAX REVENUE

Annual taxes from REAL ESTATE Related Taxes[1]

  • Real estate related taxes (real property, commercial rent, hotel occupancy, mortgage recording, and transfer) accounted for $29.5 billion in New York City
  • 52% of all New York City taxes collected were real estate related
  • Real estate related tax contributions increased, as a share of the total taxes collected by the City, by 9 percentage points between 2008 and 2018
  • Real estate related taxes could pay the City’s entire share of salaries for all 325,000 full-time city employees

 

2018-REAL-ESTATE-RELATED-TAXES-pie-charts

Fiscal Year:

18

17

16

15

14

13

12

11

10

9

Real Property Tax

$25.8

$24.7

$23.2

$21.5

$20.2

$19.0

$18.2

$17.1

$16.4

$14.5

Mortgage Recording

$0.9

$1.1

$1.2

$1.2

$1.0

$0.7

$0.5

$0.4

$0.4

$0.5

Hotel Room Occupancy

$0.6

$0.6

$0.6

$0.6

$0.5

$0.5

$0.5

$0.4

$0.4

$0.3

Commercial Rent

$0.8

$0.9

$0.8

$0.8

$0.8

$0.7

$0.7

$0.6

$0.6

$0.6

Transfer

$1.4

$1.4

$1.8

$1.8

$1.5

$1.1

$0.9

$0.8

$0.6

$0.7

Real Estate Tax Total

$29.5

$28.7

$27.6

$25.8

$24.0

$22.0

$20.8

$19.4

$18.3

$16.7

                     

Sales and Use Taxes

$7.3

$7.2

$7.3

$6.9

$6.6

$6.3

$6.0

$5.8

$5.2

$4.8

Personal Income

$11.8

$11.3

$11.4

$11.3

$10.2

$9.8

$8.6

$8.2

$7.6

$7.5

Corporate Income

$6.0

$7.1

$6.4

$7.1

$6.7

$6.7

$6.0

$6.2

$5.2

$6.0

Other Taxes

$2.2

$0.3

$0.9

$0.8

$0.8

$0.9

$0.7

$0.7

$0.9

$0.8

Non-Real Estate Tax Total

$27.3

$25.9

$26.0

$26.1

$24.3

$23.7

$21.3

$20.9

$18.9

$19.1

Total Taxes

$56.8

$54.6

$53.6

$51.9

$48.3

$45.7

$42.1

$40.3

$37.2

$35.8

Real Estate % of Total

52%

53%

52%

50%

50%

48%

49%

48%

49%

47%

[1] Source: New York City Comptroller