Bloomberg’s Budget: Transfer Taxes to Drop by $350 M.!

The Bloomberg administration is bracing for a hit from a major drop in real estate sales and prices, particularly in the commercial market, predicting that property transfer tax receipts to the city will fall by 24.2 percent in the next fiscal year, from $1.475 billion to $1.118 billion.

The numbers came as part of Mayor Bloomberg’s preliminary $58.5 billion budget released today, which also said that through fiscal year 2009 (July 2008 to June 2009), commercial transactions are expected to decline in volume by 39 percent, with the median price expected to fall 32 percent.

We’ll have more on the budget once we better wrap our heads around it (i.e. hopefully this afternoon). Bloomberg’s Budget: Transfer Taxes to Drop by $350 M.!