NYC Homeowners Taxes On The “Up” Escalator

The average city homeowners’ property tax will rise by $171 this year. Local real estate taxes are expected to add $13.78 billion to the city’s coffers. By far, this is the largest source of income the city generates. With billions in cash and the law behind them enforcing collection, it’s doubtful this political gravy train will change direction any time soon. To those who believe that New York City officials are spending every penny they gather wisely, rejoice. To everyone else, start saving up a bit more for next year’s levy and keep smiling, lest someone think you're unhappy about the increase.