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N.Y. Property Tax Can’t Offset Sales Tax Loss, Report Finds

July 14, 2020, 8:11 PM

Local governments in New York will have to struggle to cope with a “profound” combination of severe revenue losses and major increases in public health spending, with declining sales tax collections and limited property tax options, New York State Comptroller Thomas DiNapoli said.

The typical New York county, outside of New York City, likely faces a 9.2% overall drop in budget revenues forecast over the fiscal year that began April 1, according to a report DiNapoli released Tuesday. It assumes three fiscal quarters of steep declines expected in sales tax collections, coupled with potentially precipitous cuts in state ...