Real Estate

New York: A Property Tax Epicenter

Property taxes are notoriously high in places like New York, but Just how high? COMMERCIALCafé answers this question in a recent study, which lists the top 100 property taxes in the country.

What COMMERCIALCafé found is that 83 of the 100 highest property taxes in the country are in New York City, topped off by the General Motors Building, which paid a total of $71,681,674 in taxes in 2016. Manhattan tax-paying buildings as a whole payed a combined $2 billion in property taxes that year. The most expensive street in America seems to be The Avenue of the Americas in New York, as it holds 15 of the properties on COMMERCIALCafé’s list.

While New York held the largest share by far of highest property taxes, the next highest state, Illinois, holds only 7 spots on the list, a small sum compared to New York’s 83. Other states represented are California, Minnesota, Maine, New Jersey, and Texas.

What set New York apart, according to COMMERCIALCafé, is its strong commercial real estate market, as many of the largest corporations in the world are based in the city. Outside of Manhattan, the Willis Tower in Chicago holds the top spot in the country in property taxes, sitting at number 13 on the list.

What may surprise some is the buildings that did not appear on COMMERCIALCafé’s list. Iconic buildings like the One World Trade Center, the Chrysler Building, and the Woolworth Building were all missing from the list due to their tax-exempt status. Trump Tower is also excluded, as its 486 privately-owned condominiums make calculating exact property taxes difficult.

On the West Coast, Disneyland Resort is the only property to make the list. The resort payed $16 million in property taxes in 2016. Other notable properties outside of New York include Texas’s only contribution to the list, the NorthPark Center in Dallas, with over $17 million in property taxes.

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