Good News for Manhattan: High Salaries and Low Property Taxes

Real Estate Agent with Compass

Two recent national studies report more good news for Manhattan. A national salary survery from the bureau of labor statistics just released and a national property tax study from The Tax Foundation, a nonpartisan research report were reported by Rueters in The NY Post. 

Manhattan Salaries Highest in the country:

Equivalent to nearly $147,000 per year, average weekly pay for Manhattan residents of $2,821 is up 16.7 percent from the same period of 2006, maintaining its spot as the wealthiest county in the United States.

Nationally, the average rise was 5.1 percent to $885 per week, or $46,000 per year, the U.S. Bureau of Labor Statistics reported.

After Manhattan, the country's top-ranked counties in the first quarter were Fairfield, Connecticut, a New York City suburb, at $1,979, followed by Suffolk, Massachusetts, which includes Boston, at $1,659, and San Francisco at $1,639.

Four of the 10 counties with the highest average wages were in the New York area, while three others were in and around San Francisco, near the Silicon Valley high-technology corridor.

Among the 50 states and the District of Columbia, the capital Washington ranked first at $1,428 per week, followed by New York state at $1,397, Connecticut at $1,263, Massachusetts at $1,110 and New Jersey at $1,097.

In terms of increase in wages, Manhattan is the fastest-growing county in the nation according to the bureau of labor statistics

Low Property Taxes: Manhattan Real estate taxes ranked 71st:

New York and New Jersey residents paid the highest property taxes in the United States in 2006. The rest of the Top 10 property-taxed counties also were in New York and New Jersey including Westchester and Nassau counties and Hunterdon County, N.J. which has the highest property tax in the nation.

Well down on the list was Manhattan. It placed 71st, with an average of $3,565 in taxes - although the median home value was $787,900, one of the highest in the nation.

When the states, instead of just the counties, were examined, New Jersey led the list of the Top 5, followed by New Hampshire, Connecticut, New York and Massachusetts.

"These states also have high per-capita income, and the highest property-tax bills, in terms of dollar amounts, are usually found in the areas with the highest incomes," the study said.

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Laurie Mindnich
Centennial, CO
Huh.  So, make the most money in NYC...and have reasonable taxes...and have the most amazing block to block opportunities in the wonder you live there!  I feel like going out tonight, but there's nowhere to go- BET YOU DON'T HAVE THAT PROBLEM IN NYC! :) have a great weekend-
Nov 21, 2007 02:02 PM #1
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Hi Laurie, I love it. I don't have a high salary - no salary actually lol. Commission only! It would be hard to give up Manhattan. I love having everything right here. I was out tonight it's very warm, my neighborhood was packed with kids and parents and people watching the balloons being blown for the Macy's parade tomorrow. If I lived out in your neck of the woods I would go by the beach tonight I love the sounds of the ocean. It is so beautiful this time of year.

Our property taxes are complicated but pretty low compared to other places. Because Manhattan is still 75% rental market the tax is based on the rental value and the year the building was built. Taxes vary building to building. Pre war are usually lower and most of the new developments have tax abatements for at least 10 years.

Have a Happy Thanksgiving and a great weekend

Nov 21, 2007 03:10 PM #2
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Mitchell J Hall

Lic Associate RE Broker - Manhattan & Brooklyn
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