Real Estate Taxes and What They Mean to You as a Tenant
Did you know that the single largest expense to a landlord in running a commercial office building in Manhattan (outside of debt service) is real estate taxes? And did you know that 48.10% of New York City’s total tax revenue or 26.7% of its total 65.9 billion dollar budget is derived from real estate related taxes? Yes, that’s billion with a B. And in case we haven’t gotten your attention yet, did you know that in the last decade, real estate taxes have increased by 108%?
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