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REBNY: Real Estate is NYC’s Largest Revenue Source
Real estate-related taxes (RERT) collected in fiscal year 2025 across New York City totaled $39.6 billion, accounting for 49.4% of locally generated tax revenue, the Real Estate Board of New York (REBNY) reported. RERT has more than doubled since 2010 and represents the largest and most stable source of funding for the city, according to REBNY’s latest Invisible Engine report.
“Real estate is not just part of New York City’s economy; it is the foundation that supports nearly half of the city’s local revenue,” said REBNY President James Whelan. “At a time when other revenue sources are volatile and taxpayers are increasingly mobile, this industry remains the most reliable pillar of the city’s fiscal health. Policymakers should recognize that strength and be careful not to undermine it.”
Locally, RERT includes collections from the real property tax, mortgage recording and transfer taxes, hotel occupancy taxes and other related sources. These revenues also support the Metropolitan Transportation Authority’s operating and capital budgets.
- ◦Financing
- ◦Economy
- ◦Policy/Gov't
