More New Yorkers have stopped paying their property taxes — a troubling trend since the onset of the pandemic that city officials attribute to the end of a tax-lien sales program that punishes delinquency.
Overdue property taxes are forecast to reach its highest level ever, jumping by over 30% to more than $880 million at the end of the fiscal year in June from three years ago, according to an offering document for a city general obligation bond sale Tuesday. That means New York could be bringing in less tax revenue, since close to half of it comes from property tax collections.
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