Tax $ owed NYC increases

Real Estate Weekly, March 31, 1993 by Lois Weiss

The City of New York is contending with a growing amount of money owed on real estate taxes as new figures show more than $618.2 million is outstanding, up from $55.8 million from last year.

Figures released by the Department of Finance last week show that the percentage of delinquency is 7.73 percent, up from 7.09 percent a year ago.

In August 1991, the total amount of property taxes that was outstanding was $346.7 million and at that time 12 percent of the buildings were delinquent.

A plan has been floated whereby the city to borrow over $200 million based on the property tax receivables.

As of Jan. 31, 1993, Class IV properties represented 370.1 million up $24 million to $346.1 million exactly one year earlier. The delinquency rate for Class IV alone is 8.31 up from 7.81 percent in 1992.