New York City's losing $13.5B in property-tax breaks

The New York Post reports:

It might just be the ultimate act of forgiveness.

A new analysis of the city's property-tax rolls found that religious institutions, wealthy private colleges, hospitals and other nonprofits -- and even Madison Square Garden -- are exempt from an astonishing $13.5 billion in property taxes.

The Independent Budget Office, which released the review yesterday, reported that, just in the last two years, an extra $1 billion in potential property taxes were placed off limits to city tax collectors.

"Some of the breaks are permanent, and may actually be more than estimated," the IBO said, noting that the city's tax assessors don't have much reason to boost values on buildings they know to exempt.

Attention Republicans: here's part of the "compromise" the Democrats hope you never bring up.