No city in America can match New York’s broad array of taxes—more typical of a state than of a municipal government. Most New York City residents and businesses are subject to combined state and local tax rates far exceeding national norms. Such high taxes are a headwind against economic growth: they add to overhead, cut into profits, and make it costlier to employ people...
In midtown Manhattan’s prime office space, the average commercial property tax in 2011 was more than triple the average for all major cities, according to the Studley Effective Rent Index.
SERI Report, New York - Midtown 2013 (PDF)
Sublets Lure Manhattan Start-Ups