The amount of taxes paid by the real estate business in New York City every year has grown 24.4% since 2013.

“The increasing tax revenue generated by income-producing properties means our industry is playing an even greater role in making New York a thriving place to live, work, and raise a family,” said John H. Banks, III, REBNY president.

New York City’s real estate industry generated $20.4 billion in taxes in 2016. That represents nearly half — 43% — of the City’s tax revenue, not including the property taxes from single-family houses, cooperative apartments or condominiums. REBNY is counting the taxes paid by larger, income-producing properties like office buildings or rental apartment communities.

Real estate is a still a growing contributor to city budgets, even though new development often benefits from big tax breaks.

Why is real estate business paying more in total taxes? “New York City is in the midst of an unprecedented building boom,” said New York Building Congress President & CEO Carlo A. Scissura.