Housing Crisis Fact: NYC & London Tax

In NYC a £10m house pays £100k tax per year. In Westminster it pays £1,300.

There’s your London housing crisis right there.

NYC:

www.nyc.gov/site/finance/taxes/property-calculating:

  • Annual Tax = Taxable Value x Tax Rate
  • Taxable Value = Market Value x Level Of Assessment
  • Class 1 Tax Rate = 19.554%, Class 1 Level Of Assessment = 6%
  • 10,000,000 x .06 x .19554 = 117,324.00

Westminster:

www.westminster.gov.uk/council-tax-bands-and-rates.

Flat rate, properties valued over £320,000 pay £1,337.62

See also: Property Tax Fact: Lambeth 35 times cheaper than Brussels

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