3 thoughts on “UrbanNerd: Why I Pay More than the Mayor in Property Taxes and how it Makes me Feel About Myself

  1. I live in a Sunset Park brownstone with $5K in property taxes. My Irish relations refer to it as Murphy’s Hotel.

    The prices for these edifices of late are out-of-control. Please explain.

  2. “DeBlasio doesn’t pay much in income taxes either. He paid absolutely no taxes on his rental incomes from his two houses. ” paid $37,757 in federal taxes — about 17 percent of his total income.

    But the mayor and his wife also avoided paying thousands of dollars by making a byzantine tax code work for them. In addition to his reported income, virtually all of it from his salary, the mayor reaped $106,000 from rents at two houses his family owns in Brooklyn.

    But de Blasio and McCray didn’t pay taxes on any of this cash. Why?

    A big reason is the mortgage-interest deduction, worth $61,219. Contrary to the de Blasios’ prim statement about being grateful to have a “home,” the mayor and his wife don’t have a Brooklyn home at the moment, but run an apartment-rental business while they live in Gracie Mansion. That’s admirably entrepreneurial, and paying the interest on business debt is a real cash expense.

    But the mayor also avoids taxes by constructing a paper loss. The de Blasios took a $26,970 “expense” for “depreciation” of their houses. That, plus much smaller expenses, left the first couple with a $6,247 loss on renting out the apartments, meaning they don’t have to pay taxes.”http://nypost.com/2017/04/20/how-landlord-de-blasio-games-the-tax-code/

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