August 4, 2020
In the first three weeks of the new tax year, the city collected 6% more in property tax revenue compared with the same period a year ago, Crain’s New York Business reported. The number increased from about $12.1 billion to $12.9 billion.
Yet, apartment owner groups said the year-over-year increase was due solely to the city’s annual property reassessments.
“Owners of rental property are begging and borrowing to pay their taxes,” Jay Martin, executive director of the Community Housing Improvement Program, told Crain’s. “We truly hope lawmakers are intelligent enough to realize the crisis we are in before the full weight of this pain is seen when January tax collections come due.”
Moreover, multifamily landlords fared better with making timely tax payments than their counterparts in the office, retail and industrial sectors. Delinquency rates in these sectors rose by one-third from a year ago, Crain’s reported, citing city data.
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