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Report finds 25 percent of property value in New York is tax exempt

Report finds 25 percent of property value in New York is tax exempt

A report from the state comptroller’s office finds that more than 25 percent of real property value in the state is virtually tax-exempt.

Tompkins County has the highest percentage of tax-exempt property of any other county across the state, at 40 percent. In the City of Ithaca, 62 percent of property is tax exempt, the fourth highest in the state among cities.

The report found that the total value of exempt properties across the state is a staggering $680 billion.

State Comptroller Tom Dinapoli said local leaders will need to continue to find creative ways to bring in revenue.

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