Tax bills on New York City commercial property have soared under Mayor Bill de Blasio, according to city data, the WALL STREET JOURNAL reports.
The average tax bill, without abatements, is set to jump to $111,023 in fiscal 2017, which ends June 30, from $85,841 in fiscal 2013, the last full fiscal year former Mayor Michael Bloomberg was in office, the data show.
The annual increases have been driven largely by increases in assessments of the value of properties, as well as a small increase in the tax rate for commercial properties.
In all, the average commercial property tax bill has jumped 29.3% since Mr. de Blasio’s tenure.
Taxable assessed values have increased at an average annual rate of 6.5% from fiscal years 2013 to 2017 under Mr. de Blasio, compared with 6% from fiscal years 2002 to 2013 under Mr. Bloomberg, according to city data. Read more at the WALL STREET JOURNAL.