So far, weakness in the real estate market hasn’t affected city’s tax revenue. Property-tax collections for the first four months of the fiscal year are 4% higher than projected and total tax collections are $985 million higher that forecast, according to New York City comptroller Scott Stringer. However, weakness in property values, particularly commercial real estate, may become more pronounced in future assessments, S&P said.

Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *