Big Winners: Manhattan Homeowners Who Sell

Nov 15, 2006

New York State officials estimate that between 2002 and 2005, reported income from capital gains nearly tripled. Capital gains in 2005 likely exceeded $70 billion, delivering more than $4 billion in tax revenue for the state. More importantly, nearly half of the increases over the past two years have been derived from the Manhattan real estate market. The state's budget division estimates that in 2004 and 2005, the real estate sector contributed a total of $1.4 billion in capital gains taxes. Consequently, there is a good reason why Manhattan homesellers are happy people!

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