Tax Exempt Real Estate
Religious groups tax-exempt NY properties skyrocket in value to $26B: report RE assets worth nearly double in 2015 what they were in 1999
Photo of 25-30 Columbia Heights in Brooklyn Heights (credit: Jehovah s Witnesses)
The value of religious groups’ real estate holdings across New York state has exploded over the past two decades to a total of $26 billion.
The state’s most notable expansion of tax-free land is in Ramapo, where there is a fast-growing Orthodox Jewish population, according to analysis from the USA Today Network. The number of religious上海夜网 tax-exempt properties in the town more than tripled between 1999 and 2015. The value of the properties rose by 165 percent in the same period.
Michael West, an attorney at the New York Council of Nonprofits, told the news network the expansion has been so vast it is possible there are no longer any properties left on the tax rolls. “If you do the math and extrapolate it out, there’s only so much land, he said.
New York City has the highest number of religious groups tax-exempt properties, with a total value of $12 billion. The town of Buffalo came in second, with a total of 842 tax-exempt properties worth $172 million. Rochester ranked third, with 568 properties valued at $141 million co上海夜网论坛 mbined.
State Sen. John Bonacic said New York state residents pay some of the highest property ta爱上海同城对对碰 xes in the country. “When a property comes off the tax rolls, it simply shifts a higher tax burden onto the shoulders of the remainin[……]