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WatchesAndNYC t1_ja9m0xd wrote

Reply to comment by MarbleFox_ in Midtown Owners Hedge on Costly Office-to-Home Conversions by psychothumbs

Don’t we have that? Isn’t it just called property tax?

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MarbleFox_ t1_ja9t1ka wrote

The property tax rate you pay isn’t influenced by whether or not the property is occupied.

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GeorgeWBush2016 t1_jaa3jny wrote

property taxes are passed on to a commercial tenant in the lease, so normally an owner only pays them during a vacancy.

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MarbleFox_ t1_jaafhxp wrote

I understand that, my point is that unoccupied property should have a higher tax rate or an additional tax.

If a commercial space is occupied by a company, it generate tax revenue on the money it makes and the income its employees get paid. If, however, the commercial space is unoccupied it does not generate that revenue so the owner should have to pay additional taxes to make up for that.

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Status_Fox_1474 t1_jaajpsa wrote

But then those rents are essentially losses. Keep the losses on paper, all good.

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