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Quarter of New York property value exempt

November 6, 2013

ALBANY, NY — According to a new report issued by New York State Comptroller Thomas P. DiNapoli, more than 25% of real property value in New York is exempt from county, city and town property taxes. The total value of these exempt properties is $680 billion. The value increases to $826 billion for properties exempt from more than one type of local government or school district taxes.

“In an era of limited resources, the impact of property tax exemptions complicates the financial picture of our local governments,” said DiNapoli. “In localities with higher exemptions, taxable property owners are often carrying a much higher burden. Local leaders will need to continue to find creative ways to offset these exemptions and must carefully weigh any decision to offer new exemptions. Syracuse is attempting to tackle this challenge head on and others can learn from its example.”

Across New York, DiNapoli’s report noted that the percentage of exempt property value ranges from less than 10% in several municipalities to more than 60% in others.

Towns have the greatest variation in terms of total exempt property value in the state, ranging from 1% in some communities to nearly 90% in others.

For counties, the highest percentage of exempt property value is in Tompkins County (40%), followed by Seneca (38%); St. Lawrence (38%); Lewis (37%); and Niagara (36%).