The article is devoted to the analysis of the budget efficiency of the use of the land and property complex of St. Petersburg. The dynamics of the share of income from property in the city budget is analyzed, its main trends are identified: a decrease in the volume and share of non-tax revenues from property owned by the state of St. Petersburg, including rent for real estate; a gradual increase in the volume of tax revenues from property taxes, primarily corporate property tax and land tax. The reasons for this dynamic are shown. It is proposed, in order to increase non-tax revenues to the budget from state property, to change the organization of leasing of city property through the creation of PJSC «Property of St. Petersburg».