The city’s property-tax rate has grown at triple the rate of New Yorkers’ incomes over the past decade, making it tough for residents at the lower end of the economic scale to make ends meet, Comptroller Scott Stringer’s office said Wednesday.
Property taxes are eating up ever larger portions of homeowners’ income — particularly for households making less than $50,000 a year, Stringer’s office found.
That group saw its average property-tax burden nearly double between 2005 and 2016, growing from 6.6 percent to 12.7 percent of income.
“Property taxes are rising too fast and incomes are rising too slow — and it’s becoming harder than ever for already struggling New Yorkers to get ahead,” said Stringer.
In 2005, homeowners making less than $50,000 paid an average property tax of $1,940. By 2016, they were shelling out $3,849 — while median salaries for the group stayed relatively flat at just under $33,000 per year.
Higher-earning families also had nothing to cheer about.
Those making between $50,000 and $100,000 annually devoted 3.4 percent of their earnings to property taxes in 2005 and 5.4 percent by 2016.
The tax burden on households in the $100,000- to $250,000-a-year bracket had less to complain about, with the portion of their paychecks that went to property taxes rising from 2.4 percent to 3.7 percent.
9 comments:
who do you think is paying for all this supposedly free stuff the mayor and progressives are preaching?
taxes will keep going up not just up, but up at a faster rate-
Who are these $50K and less income people that own homes?
Retired people who bought home when they earned more?
No one OWNS anything in this system.
Its a disgrace to Liberty.
END THE FEDERAL RESERVE SYSTEM!!
Mark said...
Who are these $50K and less income people that own homes?
Retired people who bought home when they earned more?
Could also be inherited houses.
I know that I cant afford a house here on an 80000/year salary so it has to be one of them.
Mark, many inherit from working class parents.
More like $3300 in 2011 to $5800 in 2018. I am sick of paying high taxes and I don't see any improvements in my neighborhood. All this extra money is going toward the dam homeless shelter/hotel people. I retired 12 years ago and now thinking I might have to go back to work.
@Mark said...
Whats wrong with $50K ? Many people live on less then that.
Some people live with others in homes or own CO-OPS or Condos.
Do you want retired people be taxed out of their homes ?
Get a grip.
I'm asking because you can't get the loan to buy a house with that kind of salary.
If these are people that inherited a house, then honestly, don't complain your taxes went up $120 a month (about) over 15 years.
And anonymous with the homeless shelter comment....the majority of your property taxes go to the school.
Anonymous said...
@Mark said...
Whats wrong with $50K ? Many people live on less then that.
Some people live with others in homes or own CO-OPS or Condos.
Do you want retired people be taxed out of their homes ?
Funny how the property taxes don't go up in the Mayor's neighborhood, but soar in working class areas.
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