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.