New York consider tax increases property located near the subway station

in New York is considering increasing the property tax with the area located near the subway station to serve the renovated station infrastructure.
In New York City, the home is located near the subway station soared. Before this situation, the state government is considering increasing the property tax with the "golden land" for the more funding renovated subway system.

Economists New York University calculated, when located near subway stations, the value of commercial real estate increased by 3.85 USD / foot (30,48cm) square.

As in the Upper East Manhattan, since a subway station was inaugurated in 1/2017, real estate prices are within 10 blocks from the station the city has increased by 6%.


Proposal to increase the property tax given by the argument subway brings many financial benefits, increasing the value of real estate should also be benefited.

New York mayor proposed, with those earning over 500,000 USD / year, the income tax will increase from 0.5 to 4.41%. According to calculations, next year, the rich in New York will add approximately $ 700 million in the city budget. This figure is more by 2022 to $ 820 million.

This amount will be used to replace the old railroad cars, repair the tracks, signaling system upgrades and support lights fares for people with low incomes.

The subway system in New York was built over 100 years ago, serving more than 6 million passengers each day. Due to the deterioration of infrastructure, state of the train delays occurs more frequently in recent times, even the accident.