How much is a Taxi Licence

The Medallion Financial Corporation announced that it had funded the acquisition of two Medallion - the licence to run a New York cabin - for a combined $1.2 million by a large naval carrier. "The price of business medals has risen from $195,000 in 2001 to a high of $600,000 this week," said Andrew Murstein, chairman of the credit firm, in a Tuesday declaration.

He said the prior precedent hit $550,000. NYC has about 13,000 amber taxis.

What does it take to become a taxi driver in New York?

According to the Bureau of Labor Statistics, taxi and chauffeur operators in New York City were earning an annual $33,410 on an annual basis until May 2013." New York is the fifth highest urban agglomeration to pay for this profession, and the country's annual income is significantly higher than the nation wide $25,200 wage averages. The costs of becoming a New York taxi cab fare can be high, however, as the license fee alone can slightly exceed $500.

In order to obtain a taxi licence from the New York City Taxi & Limousine Commission, you must fill out a number of different assignments and documents, many of which are expensive. Together with your request, you must file a one-year $84 royalty and a $75 fingerprint charge for your crime background verification.

The TLC must also be provided with a copy of your national driver's data set, known as a Certified Abstract, which usually cost about $10 to $15 to your DMV. TLC also requests the physician's signing of a physician's exam sheet, the cost of which varies by vendor and insurer.

They also check that you have no pending offences or parkings, so you must repay any remaining fine before making your request. Once you have submitted your request, you must take a test at a TLC-approved institution at a cost of approximately $26. All New York taxi license candidates must take a defense course within six month of submission of their request.

This course lasts six lessons and is $50. They must also visit the taxi academy. There are 24-hour and 80-hour classes offered by the participating centers, which vary between US$125 and US$325 per class. If you are not a mother tongue speaker, you can take an exam prep and course that usually sells for about $20.

Reservations for the test cost $25. Once you have received your driver's licence, you still have a number of different expenses for taxiing. Taxidrivers work with taxi businesses and can be remunerated in two ways. It is possible to make a percent of the total tariff - usually a third - or you can hire the taxi from the business for an hour, day or week.

Whoever rents a taxi pays about $100 a night, plus the cost of petrol. Most taxi operators also ask you to fill up the cabin before you return it. Natural-gas prices are volatile, but in general New York State is much higher than the domestic market due to higher tax rates, which together account for about 66 euro cent per gal, WIVB.com states.

Besides fuel and running cost, taxi riders are often billed a fraction of the ticket price when paying with a passenger payment slip. Charges are variable, but can be as high as 10 per cent, according to Forbes. A Cab business may also ask you to take out its own general third party indemnity policy, although the business usually covers the vehicle.

Taxis don't usually have to charge for taxi services - taxi stalls throughout the town allow taxi riders to either put their vehicles or up to an hour's drive so they can get out of the taxi and take good care of their own needs. A lot of taxi driver give their cars back to the garages after work, even if they rent them weekly and do not have to spend the night there.