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
Market Data | Aug 16, 2016
Leading economists predict construction industry growth through 2017
The Chief Economists for ABC, AIA, and NAHB all see the construction industry continuing to expand over the next year and a half.
Healthcare Facilities | Aug 9, 2016
Key strategies to reduce healthcare facility costs and maintain operations
The right approach during the planning, design, and construction of a new facility can yield a positive return on investment and lower the overall cost basis for ongoing operations, writes Steve Higgs, Senior Managing Director with CBRE Healthcare.
Laboratories | Aug 8, 2016
The lab of the future: smaller, flexible, tech-enabled, business focused
A new CBRE report emphasizes the importance of collaboration and standardization in lab design.
Industry Research | Aug 5, 2016
47 states experienced improvement in year-over-year construction unemployment rates in June
The drop in the construction unemployment rate from June 2015 extends the uninterrupted monthly sequence of year-over-year rate decreases that started in October 2010, according to Bernard M. Markstein, PhD, President and Chief Economist of Markstein Advisors.
Industry Research | Aug 2, 2016
Nonresidential construction spending declines again in June
On a year-over-year basis, nonresidential construction spending has fallen 1.1 percent, marking the first annual decline since July 2013
Industry Research | Jul 26, 2016
AIA consensus forecast sees construction spending on rise through next year
But several factors could make the industry downshift.
Industry Research | Jun 15, 2016
Survey: Americans avoid touching handles but use their phones in public bathrooms
Bradley’s 2016 Healthy Hand Washing Survey offers insights into restroom use.
Industry Research | May 11, 2016
Why corporate bathrooms stink and how good design can fix this
Despite their importance, bathrooms are often overlooked when it comes to building design. Gensler's Johnathan Sandler spoke with people in the industry and detailed some of the biggest gripes.
Big Data | May 5, 2016
The Center for Neighborhood Technology has launched the largest source of transit data in the country
AllTransit analyzes the social benefits of good transit service by analyzing data related to health, equity, and economic development.
Industry Research | May 5, 2016
National survey reveals offices aren’t built to benefit employees
A Saint-Gobain and SageGlass Work Environment Survey found insufficient access to daylight, poor air quality, and distracting noise at workplaces as the major issues experienced by employees
