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NYC’s Revenue Loss Less Than Feared as Property Taxes Gain

Oct. 13, 2020, 5:54 PM

New York City’s tax revenue from March through August fell by $1.2 billion, or 3.5%, from a year earlier, a smaller decline than expected, as property tax growth helped offset a sharp decline in sales-tax receipts because of the coronavirus pandemic.

Property taxes, the city’s largest single revenue source, rose 3.9% to $16.3 billion, according to a weekly economic and fiscal outlook from city Comptroller Scott Stringer. Sales taxes plummeted 23.2%, or $918 million, after the coronavirus shuttered thousands of shops, restaurants and dimmed the lights on Broadway. Personal income tax, the city’s second biggest revenue generator, fell by ...