Ah, what a tangled web our politicians weave with our tax money. How so you ask?
Think of this, the transit system in New York, the M.T.A., is facing a huge shortfall because real estate taxes have plummeted. So the buses and the trains will not run on time because New Yorkers did not sell enough real estate this year?
Tell me how this makes sense in anyones eyes but a politicians?
Real estate transaction taxes, which represent an important share of M.T.A. revenue, provided the authority with more than $1.4 billion in 2006 and nearly $1.6 billion in 2007. This year, the authority is on track to collect only $995 million in such taxes — about $50 million less than had been projected in July.
And the situation is expected to get even worse. The authority now expects to collect $895 million in real estate taxes next year, and $877 million in 2010. NYTimes.com.
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I'm going to stop trying to think about this right now. I was actually getting a brain cramp trying to figure out what they were seeing, but forget it.
Thanks
Real estate taxes are determined by taking the taxable value of the property.. which in NY is horrible!