New York City Property Tax Rate: Class 1–4 Rates & Estimate
New York City does not apply one property-tax percentage directly to every property’s market value. The city first places property in one of four tax classes, determines market and assessed value, subtracts applicable exemptions, and then applies the tax-class rate to taxable assessed value.
That distinction explains why a Class 1 rate near 20% does not mean a homeowner pays 20% of the home’s market value in annual property tax. This page shows how the math actually works and where to verify the final NYC bill.
Quick Answer: What Is the NYC Property Tax Rate?
The latest finalized property-tax rates currently published by the New York City Department of Finance are for Tax Year 2026, the fiscal year that ran from July 1, 2025 through June 30, 2026.
The published rates are 19.843% for Class 1, 12.439% for Class 2, 11.108% for Class 3, and 10.848% for Class 4.
Rate freshness: NYC’s next fiscal year began July 1, 2026, but the Department of Finance rate page still lists Tax Year 2026 as the latest finalized rate set checked for this article on August 31, 2026. Rates are set annually, usually in November, so verify the official page before using a percentage for a current 2026–27 bill estimate.
- Open the NYC Department of Finance property-tax rate page.
- Check the tax year shown above the rate list.
- Match your property’s tax class.
- Do not multiply the rate directly by market value.
- Use taxable assessed value from the official property record or NOPV.
Before estimating anything, identify the property’s tax class and taxable assessed value. Those two numbers matter more than the headline percentage alone.
Latest Published New York City Property Tax Rates
NYC divides real property into four tax classes. Each class has its own rate because the city does not assess every type of property the same way.
Mostly one-, two-, and three-family homes and certain small residential properties.
Most residential property not in Class 1, including larger apartment, co-op and condo properties.
Property and equipment owned by utility companies.
Most other commercial and industrial property and nonresidential vacant land.
Rate comparison trap: A lower Class 2 or Class 4 percentage does not automatically produce a lower effective tax burden than Class 1. Assessment ratios, valuation rules, transitional values, exemptions and property type are different.
Compare annual tax dollars on comparable properties—not tax-class percentages by themselves.
Which NYC Property Tax Class Is Your Property?
Generally one-, two-, and three-family homes, certain three-story-or-lower condo buildings, qualifying mixed-use properties, and residential vacant land.
Generally residential buildings with four or more units plus many co-op and condo buildings and other residential property not placed in Class 1.
Primarily equipment owned by gas, telephone, electric and similar utility companies.
Most offices, factories, stores and other commercial or industrial property not included in another class.
NYC uses Borough-Block-Lot to identify property in tax and assessment systems.
The annual Notice of Property Value shows the tax class and assessment information for the coming fiscal year.
- Open the NYC property-tax public access system.
- Search by property address or BBL.
- Open the property record.
- Confirm the tax class before using any rate.
- Save the current NOPV or property information for your records.
For condos and mixed-use buildings, do not assume the tax class based only on how the unit looks. Use the official property record.
How to Estimate New York City Property Tax
The basic NYC calculation is more useful when you separate market value from assessed value. The tax rate is applied to taxable assessed value, not directly to estimated market value.
Example only: A real Class 1 home’s assessed value may be lower than 6% of current market value because NYC assessment-growth limits can prevent the assessment from immediately catching up with a rising market value. Exemptions and abatements can also change the result.
- Open the DOF calculation page.
- Use taxable value from your NOPV.
- Verify the current tax-class rate.
- Calculate the estimated annual tax.
- Open your actual bill before making a payment decision.
If you multiply a home’s $700,000 market value directly by 19.843%, you will produce a wildly misleading number. Start with taxable assessed value.
Class 1: Why the 19.843% Rate Does Not Mean a 19.843% Tax on Home Value
Most one-, two-, and three-family homes fall into Class 1. The assessment ratio is 6%, meaning assessed value cannot exceed 6% of market value under the standard Class 1 assessment framework.
State law also limits ordinary Class 1 assessment increases to no more than 6% in one year or 20% over five years, with exceptions such as new construction or renovations.
DOF estimates the value of the home for property-tax purposes using market information and statistical analysis.
If a $700,000 home were assessed at the full 6% ratio, the assessed value would be $42,000.
If market value rises sharply, the assessed value may increase more slowly because of the Class 1 growth limits.
Applicable exemptions are deducted before arriving at taxable assessed value.
Useful comparison: If a Class 1 property were assessed at the full 6% of market value and had no exemptions or abatements, applying the 19.843% class rate would equal roughly 1.19058% of market value before other adjustments. That is only a mathematical illustration, not a universal NYC effective tax rate.
- Compare this year’s NOPV with last year’s notice.
- Look at market value and assessed value separately.
- Check whether new construction or renovation appears on the record.
- Confirm exemptions have not changed.
- If the property details are wrong, use the DOF review/update route promptly.
A rising market value does not necessarily create an equally large one-year increase in Class 1 assessed value.
Class 2 Rates: Condos, Co-ops and Larger Residential Buildings
Class 2 includes most residential property that is not Class 1. This commonly includes apartment buildings with four or more units and many co-op and condo properties.
The statutory assessment ratio for Classes 2, 3 and 4 is 45%, but Class 2 calculations can be much more complex than simply multiplying market value by 45%.
The latest finalized rate currently published for Tax Year 2026 is 12.439%.
The general level of assessment is 45%, but assessment caps and transitional rules can affect the value used.
Qualifying buildings with 10 or fewer units have assessment-growth limits of 8% per year and 30% over five years.
Changes may be phased through transitional assessed value, so the current bill may not move in lockstep with the latest market-value estimate.
Co-op owner note: Individual co-op shareholders generally do not receive a separate building property-tax bill. Property tax can be reflected through the cooperative’s building expenses and maintenance charges, while certain homeowner benefits may be allocated through the managing agent or board.
Do not estimate Class 2 tax from a condo sale price alone. Use the actual NYC assessment record for that tax lot or building.
Does New York City Use a Millage Rate?
NYC normally publishes property-tax rates as percentages by tax class rather than presenting homeowners with a combined millage rate like many counties elsewhere in the United States.
One mill equals 0.1%, so a Class 1 rate of 19.843% is mathematically equivalent to 198.43 mills when applied to the same taxable assessed value. That conversion is usually not the best way to understand an NYC bill.
DOF publishes a percentage for each of the four property classes.
Many U.S. jurisdictions express tax as mills per $1,000 of taxable or assessed value.
Use the official NYC class percentage directly with taxable assessed value.
If another website describes NYC’s Class 1 rate as a “1% property tax rate,” check whether it is discussing an effective rate against market value instead of the official Class 1 tax rate against taxable assessed value.
Use the Notice of Property Value Before Estimating Tax
The NYC Department of Finance mails the Notice of Property Value, or NOPV, in January. It shows the assessment information for the tax year beginning the following July 1.
The NOPV is not a tax bill. It is the document to review when you want to understand market value, assessed value, tax class, exemptions and potential assessment issues.
DOF’s estimated property value for assessment purposes.
The value after NYC applies the applicable assessment ratio and assessment rules.
The assessment remaining after qualifying exemptions are applied.
Determines which assessment rules and property-tax percentage apply.
Check whether expected benefits appear before the final tax calculation.
Assessment review and Tax Commission deadlines occur months before some later tax bills are due.
- Confirm the property address and BBL.
- Check the tax class.
- Compare market value with the prior year.
- Compare assessed and taxable values.
- Review exemptions.
- Check the assessment-review and appeal deadlines before waiting for the final bill.
If the problem begins with value or classification, waiting until the tax bill arrives can put you well past the main assessment appeal window.
Why Your NYC Tax Bill May Differ From a Simple Rate Estimate
The annual property-tax calculation is only one part of what can appear on a NYC Department of Finance account. The bill can also reflect exemptions, abatements, credits, prior balances, interest and other property-related charges.
A new assessment or phased-in value can change the base used for the tax calculation.
Rates are set annually and can be adjusted after the fiscal year has already begun.
A benefit may have been added, reduced, removed or not renewed.
An abatement can reduce the tax amount after the basic calculation.
Interest or older unpaid charges can make the live amount higher than the current-year tax alone.
A posted credit can reduce what is currently due.
- Open NYC property-tax bills.
- Search using address or BBL.
- Download the current bill.
- Compare taxable value and class with your NOPV.
- Review exemptions, abatements, credits and prior balances.
- Use the live account amount before paying.
A rate calculator explains the tax component. The live DOF bill controls the amount that actually needs attention.
NYC Property Tax Due Dates: Quarterly vs Semiannual
Payment frequency depends on assessed value, not the property’s sale price.
Property taxes are generally billed quarterly. Main due dates are July 1, October 1, January 1 and April 1.
Quarterly payers generally have an interest-free period through the 15th of those months.
Property taxes are generally billed semiannually.
Main due dates are July 1 and January 1.
Weekend/holiday rule: NYC states that when a property-tax payment due date falls on a weekend or federal holiday, payment is due the next business day.
- Open the current bill.
- Confirm assessed value and billing frequency.
- Identify the current installment.
- Check the due date and applicable grace date.
- Verify mortgage escrow before paying personally.
- Save the payment confirmation.
Do not assume every NYC homeowner follows quarterly dates. The $250,000 assessed-value threshold determines quarterly versus semiannual billing.
NYC Property Tax Payment Fees and Posting
NYC offers online and other payment methods. If you are comparing payment options, check the fee before submitting because card and electronic-check treatment differs.
NYC currently states there is no service fee for an online e-check. A returned e-check can trigger a $20 charge.
NYC currently lists a 2% service fee for credit, debit, prepaid card, PayPal and Venmo payments.
DOF does not charge a service fee for EFT, though a bank may have its own fee.
Online transactions may take two or more business days to appear even though successful payments receive the applicable transaction-date credit.
If a bank or mortgage company pays the tax, it may receive the bill directly.
Save the receipt screen, confirmation email and later account history.
Before paying: Verify the BBL, tax period, amount due, credits and escrow status. NYC says a submitted CityPay payment cannot simply be canceled, changed or delayed after submission.
If you only care about the tax rate, stop at the estimate. If you are sending money, switch to the live NYC account and verify the full balance first.
NYC Exemptions and Abatements That Can Change the Effective Tax
The statutory class rate does not tell you what every owner ultimately pays. Exemptions can reduce assessed value before the tax is calculated, while abatements reduce tax after calculation.
The Senior Citizen Homeowners’ Exemption can reduce assessed value for eligible owners age 65 or older who meet income and other rules.
The Disabled Homeowners’ Exemption can reduce assessed value for qualifying homeowners with disabilities who meet program requirements.
Eligible New York homeowners may receive school-tax relief as a state credit or, for some existing participants, an NYC exemption.
Certain veterans, spouses, surviving spouses or Gold Star parents may qualify depending on program rules.
Eligible co-op and condo owners may receive an abatement administered through the building or managing agent process.
Clergy, nonprofit, commercial and other programs may apply to qualifying properties.
For the 2026/27 tax year, the SCHE/DHE filing deadline was March 16, 2026 because March 15 fell on a weekend. Applications submitted after the applicable deadline can affect a later tax year instead of the current one.
- Open your current NOPV and property-tax bill.
- Look for exemptions and abatements.
- Compare them with the benefit you were approved for.
- If something is missing, check application status.
- Use the correct exemption or appeal process rather than changing the tax calculation yourself.
When comparing two NYC homes, check exemptions and abatements before assuming the lower current bill reflects a permanently lower tax rate.
What to Do if the NYC Assessment Looks Too High
The Tax Commission is separate from the Department of Finance. It can review assessed value, tax class and certain exemption issues.
General deadline: March 15 for Tax Class 1 and March 1 for Tax Classes 2, 3 and 4.
Used to ask DOF to review market value or certain property information. It is not a substitute for filing a Tax Commission assessment appeal.
Generally March 15 for a Request for Review of property value.
The DOF review deadline for Class 4 is generally April 1; other property-data correction routes may have their own deadlines.
Do not wait for the bill. The main assessment appeal deadline can arrive months before later quarterly or semiannual property-tax payments.
- Read the NOPV.
- Check market value, assessed value and tax class.
- Compare property facts with the actual building.
- Gather useful valuation evidence.
- Identify whether you need DOF review, Tax Commission appeal, or both.
- File before the applicable deadline and save proof.
If the complaint is “my rate is too high,” first identify whether the real problem is the citywide class rate or your individual assessment. Only the second is an account-specific assessment appeal issue.
Why an NYC Property Tax Estimate Can Be Wrong
Applying 19.843% directly to a home’s market value dramatically overstates a typical Class 1 tax calculation.
A condo, co-op, mixed-use building or commercial property may follow different assessment rules.
Class 1 and certain small Class 2 properties have statutory limits on ordinary assessment increases.
Larger Class 2 and Class 4 assessment changes can be phased over multiple years.
An estimate using assessed value before exemptions can be higher than taxable assessed value.
NYC rates change annually, and a fiscal year can begin before the final class rates are set.
When your estimate and bill do not match, compare five items first: tax class, taxable assessed value, tax rate, exemptions/abatements, and other account charges.
NYC Property Tax Terms to Know
- BBL
- Borough-Block-Lot, the identifier used to locate NYC property-tax and assessment records.
- Market Value
- The Department of Finance’s estimated property value for tax-assessment purposes.
- Assessment Ratio
- The percentage used as a starting point for assessed value: 6% for Class 1 and 45% for Classes 2, 3 and 4.
- Assessed Value
- A value derived from market value under NYC assessment rules, including applicable caps or transitional treatment.
- Taxable Assessed Value
- The assessed value remaining after applicable exemptions are deducted.
- Tax Rate
- The annual percentage for the property’s tax class that is applied to taxable assessed value.
- Exemption
- A benefit that generally reduces assessed value before the tax is calculated.
- Abatement
- A benefit applied after the property-tax amount has been calculated.
- NOPV
- Notice of Property Value, the January assessment notice for the coming fiscal year.
- Transitional Assessed Value
- A value used to phase assessment changes for certain Class 2 and Class 4 properties.
For NYC rate calculations, the phrase to remember is taxable assessed value. That is the number that belongs next to the tax-class rate.
Official New York City Property Tax Rate Resources
Use CountyPropertyTaxes.us to understand the calculation, then use NYC Department of Finance for the final rate, assessment, bill and payment decision.
New York City Property Tax Rate FAQs
What is the New York City property tax rate for a one-family home?
Most one-, two-, and three-family homes are Tax Class 1. The latest finalized rate currently published by NYC Department of Finance for Tax Year 2026 is 19.843%. Apply that percentage to taxable assessed value, not directly to market value.
Why is the NYC Class 1 rate 19.843% if homeowners do not pay nearly 20% of their home’s value?
Class 1 has a 6% assessment ratio, and assessed-value growth is also subject to statutory limits. The 19.843% rate is applied to taxable assessed value after applicable exemptions rather than directly to market value.
How do I estimate NYC property tax?
Find taxable assessed value on the official property record or NOPV, confirm the property’s tax class, check the current finalized class rate, multiply taxable assessed value by that rate, then compare the result with the official bill for abatements, credits and other charges.
Are NYC property tax rates the same for houses, condos and apartment buildings?
No. Most one- to three-family homes are Class 1, while many condos, co-ops and larger residential buildings are Class 2. Each class has different rates and assessment rules.
Can I challenge the NYC property tax rate if my bill is too high?
Your individual assessment can be challenged when assessed value, tax class or certain exemption decisions are wrong. The citywide class rate itself is set through the city’s annual budget and rate-setting process, so first identify whether the problem is the rate or your individual assessment.
Bottom Line
The official NYC property-tax rate is only one part of the calculation. Start with the correct tax class, use taxable assessed value instead of market value, check exemptions and assessment limits, verify the latest annual class rate, and then compare your estimate with the live Department of Finance bill.
Current Rates Estimate Tax Check NOPV View Bill Appeal Help Official SourcesRate and source review completed: August 31, 2026. Because NYC property-tax rates are set annually, recheck the official DOF rate page after a new rate is adopted.