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Why Billionaires Don't Pay Property Taxes in New York

It’s the extreme end game of a tax code that shifts the burden from owners to renters, and from the wealthy to the poor.
"Sure, it's got a great view. But have you read these antiquated tax codes that got me a huge break?"
"Sure, it's got a great view. But have you read these antiquated tax codes that got me a huge break?"One57

When a duplex condominium in New York's new One57 supertall tower sold for $100.5 million dollars in January, it shattered all records. This condo is the most expensive single-family residence ever sold in Manhattan. Yet, at the rate that luxe residential towers are coming online in the part of Midtown known as Billionaires Row—consider the $91.5 million sale just last montheven that mondo One57 record may not last for long.

Steamy eight- or nine-figure sales were always the dream of former Mayor Michael Bloomberg. "If we can find a bunch of billionaires around the world to move here, that would be a godsend,” then-Mayor Bloomberg told The New York Times back in 2013. "Because that’s where the revenue comes to take care of everybody else."