May 19, 2017 Comments (0) Views: 617 New York News, Top New York Stories

NYC’s General Motors Building Commands the Highest Property Taxes in the US

Buildings in New York City pay a lot in property taxes — that’s fitting for a city with some of the highest property values in the world.

Out of the 25 properties that pay the most property taxes in the U.S., 23 are in New York City. And the vast majority of those are in Midtown Manhattan, according to a list of the top 100 most taxed properties in the U.S., produced by Yardi’s Commercial Cafe.

The biggest property tax bill for a single property in the entire U.S. for 2017 was 767 Fifth Ave., also known as the General Motors Building. Owners Boston Properties, Zhang Xin and the Safra family shelled out nearly $72 million in 2016 alone.

Read More at Commercial Cafe

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