NYC property tax calculator
How are property taxes calculated in NYC?
New York City taxes a property’s assessed value, not its price: 6% of market value for Class 1 homes (one- to three-family) and 45% for Class 2 (condos, co-ops, larger residential) and Class 4 (commercial), multiplied by the class rate — 19.8433% for Class 1 and 12.439% for Class 2 in FY2026.
Use the Department of Finance’s market value, not the sale price — look it up free for any address with the property tax lookup. For a Class 1 house, entering the purchase price gives a rough upper bound.
Why the sale price is the wrong input for condos
The city values condos and co-ops by the income approach (what the building would earn as a rental), which usually lands far below what units sell for. A $1.5M condo can carry a DOF market value under $500k — that is why condo tax bills look small relative to price, and why plugging the sale price into the formula above would wildly overestimate the bill.
Class 1 homes have the opposite quirk: state law caps assessment growth at 6% a year and 20% over five years, so long-held homes are often taxed on far less than 6% of today’s value. This calculator is the no-caps estimate — the actual bill for any specific address is on its record page.