Religion and Real Estate: A Wealthy Combination In New York

New York state value of religious groups’ real estate holdings has exceeded $25 billion if you add up the last real estate upstate ny buffalo and rochester20 years.  Buffalo came in first in the Upstate NY area with a total of $172 million Rochester NY ranked second, with 568 properties valued at $141 million combined.  Not surprisingly New York City blew away all of Upstate New York  combined with $12 billion dollar price tag in real estate properties.

The secret sauce? Tax exemption.  It pretty much helps religious groups grow in the real estate sector at lightning speed (when compared to the rest of the nation paying taxes, {except maybe Donald Trump})

“When a property comes off the tax rolls, it simply shifts a higher tax burden onto the shoulders of the remaining taxpayers,” said State Sen. John Bonacic said New York state residents pay some of the highest property taxes in the country.

One thing is clear…the value of land will only rise in the future.

 

Leave a Reply