Manhattan Dominates List of Office Properties with Highest Taxes
Manhattan Dominates List of Office Properties with Highest Taxes
Abstract
Due to their size, location and prestige, high-tier office properties commonly net some of the highest property taxes in the nation. The remaining entries were shared between Chicago and California, with one entry hailing from Washington, D.C. Check out the full list of U.S. office properties with the highest taxes below: General Motors Building is 2021's Office Property with Highest Taxes As one of the trophy-class office space capitals of the world - as well as a historic hotspot for commercial development and investment - Manhattan's prestigious locations also resulted in the highest tax values in the nation. 15 of 100 Office Properties with Highest Taxes Were Completed in 2000 & Later One of the newest additions to the Manhattan skyline was also among the 10 office buildings paying the most taxes in the nation: One Vanderbilt - the 93-story skyscraper designed by Kohn Pedersen Fox and completed in Midtown East in 2020 - had a $43.9 million tax bill, while also claiming the title of the newest property among the 100 most taxed last year. Willis Tower & 13 Other Chicago Properties Among Those Paying Most in Taxes The Willis Tower was the office property with the highest taxes outside of NYC, with a $43 million tax bill last year. While the Blackstone-owned property - which some Chicago residents still call the Sears Tower - is the crown jewel of the Windy City's skyline, it still paid less in taxes than 11 properties in New York City. Properties with tax exemptions were excluded from the list, and tax rates presented reflect individual parcels. To provide an approximate figure for the total taxes on Cook County office properties in 2021, we estimated the tax bills for properties in the county in the second instalment for 2021 based on the tax evolution between the first and second instalments in previous years.