Monday, September 01, 2014

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Elmira/Corning

State Comptroller: City’s property tax revenue falls short

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SYRACUSE, N.Y. -- A report by the State Comptroller finds that the city of Syracuse's property taxes are falling short. Comptroller Thomas DiNapoli says that property taxes are a primary source of revenue for cities, at an average of 26 percent. Syracuse's taxes, however, only account for half of that.

The loss of revenue is being blamed on tax exempt properties as well as tax delinquent and vacant homes. DiNapoli office says the lack of money coming in is forcing Syracuse to rely on sales taxes, transportation fees and utility fees, to cover costs of municipal services.

The state's comptroller office is monitoring select cities across the state that are facing tough financial burdens in the coming years. Leaders are hoping it will help governments avoid a fiscal crisis.

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