The Real Estate Board of New York revealed that real estate-related tax revenue reached $37 billion in 2024, with projections to exceed $50 billion next year. This revenue constitutes nearly half of all municipal tax revenue and reflects significant growth since 2010, largely due to commercial property taxes which contribute 82% to this revenue. The funding supports city workers' salaries across various departments and plays a crucial role in city infrastructure, underlining the importance of the real estate sector in New York's economy.
The trade organization reported that real estate-related tax revenue increased to a record high $37 billion in 2024 and is on track to top $50 billion.
REBNY research head Keith De Coster noted that the bonanza is driven by commercial real estate, which accounts for 82% of property taxes.
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