NYC Sees 17.6% Jump In Tax Revenue From Property Sales

Law360, New York (December 20, 2013, 5:54 PM EST) -- New York City will see a jump in revenue this year from transfer taxes collected when properties are sold, with the total rising 17.6 percent over last year to more than $2 billion, according to a report released Thursday by the Independent Budget Office.

The city was expecting to welcome Mayor-Elect Bill de Blasio with a budget shortfall, but the IBO's most recent projections show that Mayor Bloomberg's November claims that 2014 would actually see a surplus may in fact be accurate.

While much of the...
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