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No Big Apple Property Tax Hikes For 2011 June 18, 2010 02:22 PM

New York City's budget crisis is not expected to have an impact on the commercial real estate market for fiscal year 2011. The Real Estate Board of New York has received assurances from the New York City Council and Mayor Bloomberg's office that current real estate tax rates will hold, said Steven Spinola, president of REBNY. The city will, however, receive additional tax revenue as property values rise, he added. A spokesman at the Mayor's office confirmed that no new taxes were planned for FY2011. A City Council spokeswoman declined to comment.
"The city has ...

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