Syracuse, N.Y. – A study released by the State Comptroller’s office indicates that over half of the property owned in Syracuse is exempt from taxes.
“In an era of limited resources, the impact of property tax exemptions complicates the financial picture of our local governments,” says Comptroller Thomas DiNapoli. “Syracuse is attempting to tackle this challenge head on and others can learn from its example.”
Over 25% of the real property value in the state is exempt from taxes; meaning municipal and state governments loose an estimated $680 billion in revenue.
The city of Rensselaer has the highest percentage of tax-exempt properties in the state (65 percent); followed closely by Ogdensburg (64 percent); Salamanca (63 percent); Ithaca (62 percent).