Ben Franklin is often attributed as saying only two things are certain in life: death and taxes. While this quote rings true, it can be assumed Franklin didn’t predict some entities would be handed a tax bill of $71 million for property taxes alone, but that is exactly what Manhattan’s GM Building faced in 2016.
According to research conducted by COMMERCIALCafé, the GM Building had the highest property taxes in the country in 2016. Of the top 10 properties with the highest taxes, nine were associated with office buildings, but it is a residential community that takes the second spot on the list. Stuyvesant Town came in behind the General Motors Building, paying $60.5 million for property taxes in 2016.
The Metlife Building, 1345 Avenue of the Americas, and 1221 Avenue of the Americas, all in New York City, round out the top five.
Each property in the top ten resides in New York. In fact, you need to go down the list all the way to number 13 before arriving at a property not in New York, but Illinois. The Illinois entry to the list isn’t what you would expect, either. Not only was the first Illinois building on the list not the Willis Tower, but it wasn’t even a building in Chicago.
The first building on the list not in New York is the Exelon – Byron Nuclear Generating Station in Byron, Ill. The nuclear station paid $36.5 million in property taxes in 2016. Chicago’s Willis Tower doesn’t make an appearance until number 28 on the list, with $28.4 million paid in property taxes.
Minnesota’s Mall of America makes the list as the highest retail property at number 25 with $30 million in 2016 property taxes. Woodfield Mall, in Schaumburg, Ill., is the next closest retail property on the list at number 40 with $24 million paid in 2016.
The New York Marriott Marquis Hotel is the highest hotel on the list, at number 11, with a total of $36.6 million paid in 2016. The next closest was the New York Hilton Midtown Manhattan Hotel at number 39, with a total of $24.3 million.
Some buildings you may expect to see on the list, such as New York’s Chrysler Building or One World Trade Center, are nowhere to be found. This is because these structures, and other landmark buildings (Woolworth Building) are tax exempt. The Port Authority of New York & New Jersey, for example, owns One World Trade Center, so it doesn’t pay property taxes.
To view the entire Top 100 list, click here.
Related Stories
Industry Research | Feb 15, 2017
Putting workers first should be every employer’s priority
The latest Sodexo report on workplace trends explores 10 factors that are impacting the global work environment.
Industry Research | Feb 13, 2017
How thought leadership marketing can generate referrals for your firm
The most effective way to boost your reputation is through thought leadership marketing.
Market Data | Feb 1, 2017
Nonresidential spending falters slightly to end 2016
Nonresidential spending decreased from $713.1 billion in November to $708.2 billion in December.
High-rise Construction | Jan 23, 2017
Growth spurt: A record-breaking 128 buildings of 200 meters or taller were completed in 2016
This marks the third consecutive record-breaking year for building completions over 200 meters.
Market Data | Jan 18, 2017
Fraud and risk incidents on the rise for construction, engineering, and infrastructure businesses
Seven of the 10 executives in the sector surveyed in the report said their company fell victim to fraud in the past year.
Market Data | Jan 18, 2017
Architecture Billings Index ends year on positive note
Architecture firms close 2016 with the strongest performance of the year.
Industry Research | Jan 12, 2017
Are public buildings considered infrastructure?
A survey, conducted in October by The Harris Poll on behalf of AIA, asked 2,108 U.S. adults if they considered public buildings part of their community’s infrastructure.
Market Data | Jan 9, 2017
Trump market impact prompts surge in optimism for U.S. engineering firm leaders
The boost in firm leader optimism extends across almost the entire engineering marketplace.
Market Data | Jan 5, 2017
Nonresidential spending thrives in strong November spending report
Many construction firms have reported that they remain busy but have become concerned that work could dry up in certain markets in 2017 or 2018, says Anirban Basu, ABC Chief Economist.
Market Data | Dec 13, 2016
ABC predicts modest growth for 2017 nonresidential construction sector; warns of vulnerability for contractor
“The U.S. economy continues to expand amid a weak global economy and, despite risks to the construction industry, nonresidential spending should expand 3.5 percent in 2017,” says ABC Chief Economist Anirban Basu.
