New York's state Metropolitan Transportation Authority said its March real estate tax collections will fall $32 million below projection as credit markets squeeze residential and commercial real estate deals.
|
|
|
(Bloomberg) --The largest U.S. mass transit agency collected $37.5 million of mortgage recording tax receipts in March, 19 percent lower than forecast in the 2008 budget. It collected $41.8 million in commercial real estate taxes, a 35 percent decline, according to monthly budget documents. ``A couple of months have now come in quite negative,'' said Gary Dellaverson, the MTA's chief financial officer. ``We took these tax projections down quite dramatically from last year, and they are quite dramatically underperforming.'' The decline in real estate tax revenue underscores the difficult situation faced by state and local governments who rely on sales and property taxes to help fund public services. New York state anticipates a $4.6 billion budget gap for the fiscal year beginning April 1, while New York City may confront a $834 million deficit next year, according to state comptroller Thomas DiNapoli.
|
Email to a friend
Print version
Comments (0 posted):
Leave a Comment