New York City Property Tax Search
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In-depth New York City Property Tax Information
Assess all the factors that determine a property's taxes with a detailed report like the sample below. Create a free account and review your selected property's tax rates, value assessments and more.
Tax Bill
| Property tax bill for 7/1/2023 to 6/30/2024 | $5,483 | ||||||
Key Values in Calculating the Bill
| Tax class | 2A | ||||||
| Market value | $640,000 | ||||||
| Assessed value | $288,000 | ||||||
| Exemptions granted by city | $0 | ||||||
| Transitional value | $43,856 | ||||||
| Transitional exemption value | $0 | ||||||
| Tax abatements | $0 | ||||||
Property Tax Calculation
The first step is for the City Assessor to determine the market value of the property. While the term market value would seemingly refer to how much the property would sell for on the open market, in reality the market value established by the City Assessor is almost always substantially lower.
| Land market value | $304,000 | ||||||
| Building market value | + | $336,000 | |||||
| Market value | = | $640,000 | |||||
Assessed Value
Next, the market value is used to compute the assessed value, which is a percentage of the market value. The exact percentage is determined by the tax class of the property. Tax class 1 is assessed at 6% of the market value, and tax classes 2,3 and 4 are assessed at 45%.
| Market value | $640,000 | ||||||
| Assessment ratio | x | 45% | |||||
| Maximum assessed value | = | $288,000 | |||||
Transitional Value
To protect property owners from sudden large increases in property tax, the state limits how quickly the city can increase the assessed value. Typically these limits are applied when the City Assessor makes a big increase to the market value. Without the limits the assessed value would increase by a similar percentage. Instead, the change to the assessed value is phased in over a number of years.
The market value of this property was increased in previous years and the assessed value is currently being phased in. Because this property is in tax class 2A, the assessment cannot be raised more than 8% from the year before or 30% over five years. Assessed value cannot be raised more than 45% from market value.
| Assessed value | $288,000 | ||||||
| Exemptions granted by city | - | $0 | |||||
| Net assessed value | = | $288,000 | |||||
| Transitional value | $43,856 | ||||||
| Transitional exemption value | - | $0 | |||||
| Transitional net value | = | $43,856 | |||||
Taxable Value
The taxable value, for 23/24, is the smaller of the city's net assessed value and the transitional net assessed value.
| Taxable value | = | $43,856 | |||||
Property Tax
Current tax is calculated by multiplying the taxable value (the assessed value minus any exemptions) by the tax rate.
The city also grants some properties incentives called tax abatements, which are subtracted directly from the current tax. This results in the property tax, the amount the current owner pays.
| Tax description | Billable value 23/24 | Tax rate 23/24 | Tax bill 23/24 | ||
|---|---|---|---|---|---|
| Current tax | $43,856 | x | 12.5020% | = | $5,483 |
| Total abatements | - | $0 | |||
| Property tax with final tax rate | = | $5,483 |
After issuing the final tax assessment and issuing first quarter tax bills, the city typically adjusts the tax rate. This results in an adjustment to the property tax.
| Tax description | Billable value 23/24 | Tax rate 22/23 | Tax bill June | ||
|---|---|---|---|---|---|
| Current tax as billed june 23/24 | $43,856 | x | 12.2670% | = | $5,380 |
| Total abatements | - | $0 | |||
| Property tax as billed june 23/24 | = | $5,380 |
| Property tax with final tax rate | $5,483 | ||||
| Property tax as billed june 23/24 | - | $5,380 | |||
| Property tax adjustment | = | $103 |
For more information, you can view this property's assessment, tax bill, and account statements by clicking here and entering the Borough, Block, & Lot.
This map shows property tax in correlation with square footage of the property.
| Property tax | $5,483 |
|---|---|
| Tax year | 2023-2024 |
| Square feet | 4,640 |
| Tax per sqft | $1 |
New York City Stats for Property Taxes
For an easier overview of the difference in tax rates between counties, explore the charts below. You can also get additional insights on median home values, income levels and homeownership rates in your area.
Effective tax rate (%)
0.86% of Assessed Home Value
1.73% of Assessed Home Value
1.1% of Assessed Home Value
Median real estate taxes paid
$5,651
$5,884
$2,690
Median home value
$660,700
$340,600
$244,900
Median income
$70,663
$75,157
$69,021
Owner occupied housing (%)
33.2%
54.4%
64.6%
Renter occupied housing (%)
66.8%
45.6%
35.4%
Are You Paying Too Much in Property Taxes?
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Curious About Tax Rates in Your Area?
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Frequently Asked Questions on Property Taxes
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