New York: 25 Percent Of Real Estate Is Untaxed


Source: LISA EVERS, Fox 5 News Reporter

The New York State Comptroller’s Office took a look at tax-exempt properties in the state and found that more than 25 percent of the real estate is exempt from all local taxes. The total value of the exempt properties is $680 billion. In New York City, about 32 percent of the total real estate value cannot be taxed.

Manhattan Institute senior policy analyst Nicole Gelinas said that has far-reaching implications.

The study found that some cities and towns had less than 10 percent of their real estate tax exempt, while others had more than 60 percent.