The city's mortgage recording taxes and real estate transfer taxes reached an all-time high of $3.3 billion in 2007 but have since declined to $2.6 billion in 2008 and are sliding to probably half of that reduced # in 2009.
Amazing just how much revenue the city and state get from the sale of property and how much they're hurting now. Transfer taxes are now 2.625% for big properties. I suspect no one minded paying when prices were rising.
Amazing just how much revenue the city and state get from the sale of property and how much they're hurting now. Transfer taxes are now 2.625% for big properties. I suspect no one minded paying when prices were rising.
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