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New York real estate tax revenue way down

The New York City real estate market — though strong compared to other major cities — is finally losing steam. Although home prices continue to rise, homes aren’t selling as quickly as they did a year ago. The latest evidence comes from the New York City Office of the Comptroller, which says that real estate tax revenues fell during the first nine months of the budget year.

Real property transfer taxes fell 12.7% and mortgage recording tax collections dropped 20.1%, Reuters reported. The New York City, which has already lost jobs on Wall Street in the wake of the subprime crisis, could lose another 36,000 jobs, the city’s labor department reported last week.

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