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.