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REBNY: Real Estate Taxes Give City Coffers Big Boost

NEW YORK CITY—The funds are enough to cover payroll expenses for all of the city's teachers, police officers, fire fighters, sanitation workers, correction officers as well as support other services, according to a new report from REBNY.

By Rayna Katz | Updated on March 05, 2014

NEW YORK CITY—New York City’s real estate industry generated $15.4 billion in taxes in 2012, which represents 38% of the city’s tax revenue, according to a new report commissioned by the Real Estate Board of New York and completed by AKRF. In total, the economic impact of the real estate industry’s activities was an astounding $106.2 billion in jobs, wages and output—comprising approximately 13% of the gross city product.

The comprehensive economic impact study titled, “The Invisible Engine: the Economic Impact of New York City’s Real Estate Industry,” reveals that over the course of 2012, revenue-generating properties provided enough tax revenue to pay the City’s entire share of $13.1 billion in payroll expenses for teachers, police officers, fire fighters, sanitation workers and correction officers with $2.3 billion left over to fund other city services. These numbers factor in taxes from properties such as office and residential rental buildings, hotels, retail stores and utility properties and do not include one- and two-family homes, cooperatives, condominiums, schools, hospitals and other publicly-funded structures.

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