The sources of the figures in this index (except where noted) are the annual assessment and sales figures published by the NYC Department of Finance, which are incorporated into a database application by the Henry George Institute. Copies of this user-friendly app (for PCs) are available, with full instructions, on a DVD. We’ll send you one if you ask (and if you wanted to send us a tax-deductible donation, we’d appreciate that, too).
Property tax revenue from buildings as a percentage of total tax revenue: 24%
Personal income taxes as a percentage of total tax revenue: 19.4%
General sales taxes as a percentage of total tax revenue: 13.3%
Property tax revenue from land as a percentage of total tax revenue: 18.2%
Total assessed value of New York City land: $434.1 billion
Average “full market value” of 2,843 vacant lots that have sold since 2005, according to the assessment rolls: $620,946
Average sale price of those 2,843 lots: $2,139,704
Number of those lots that are still vacant: 1,671
Average sale price of a Class 1 (small residential) parcel in Manhattan: $4,533,375
Average sale price of a Class 1 parcel in the Outer Boroughs: $558,903
Percentage of Class 1 parcels that are in Manhattan: 0.9%
Average “full market value” of a Class 2 (apartments, not condominiums) parcel in Manhattan: $7.89 million
Average sale price: $5.69 million
Percentage of of all NYC housing units that are rentals: 68%
Average sale price of a residential condo unit in Manhattan: $1,556,296
Average “full market value” of a residential condo unit in Manhattan: $278,246
Percentage of residential condo units that are in Manhattan: 49.5%
Ratio of effective property tax rate on Class 2 apartment buildings to that for Class 1 residences: 5/1
Median income of renters in NYC: $38,000*
Median income of homeowners in NYC: $79,250*
Number of non-city-owned parcels in Manhattan with an assessed building value of 20% or less of their assessed land value: 4,750
Number in the Outer Boroughs: 57,843
Total area of non-city-owned vacant lots in NYC, in acres: 9,406
In square miles: 15.2
Current “full market value” of the Gansevoort Park Hotel’s lot (103×142 ft.) $8 million.
Price paid in 2005-06 for the four parcels combined to build the Gansevoort Park Hotel: $31 million
Combined “full market value” (2008) of the buildings that were demolished on those four parcels: $4.7 million
Approximate cost of demolishing a 5-story building in NYC: $80,000
Average “full market” land value per square foot, in 2004, of 5 parcels (pictured above) bundled together to build “The Brompton”: $422
Sale price of these five parcels in 2006, per square foot: $4,944
Average sale price of a unit in this building: $2.4 million