Most of the Mayor’s increase in projected tax revenues over the five-year April Financial Plan period comes from upward revisions to the City’s income taxes (business and personal) and real-estate transaction taxes.
New York City’s economy faces perhaps some more difficult challenges than the nation at large, as the city’s highest paying sectors have been undergoing some job-reducing restructuring over the past year
New York City’s current property tax system is notoriously opaque, unfair, and regressive. For the past four decades, rather than dealing with its structural flaws, New York State has layered on a patchwork of exemptions and abatements to lower tax rates for various owners.