Frequently asked questions

How are property taxes calculated in NYC?

The city multiplies a property’s taxable assessed value by its tax class rate. Class 1 homes (one- to three-family) are assessed at only 6% of market value and Class 2 condos and co-ops at 45% of an income-derived value, so the effective rate is far below the headline rate. BlockBook shows the actual current tax for any address, straight from city assessment data.

What is the mortgage recording tax in NYC?

Buyers financing a condo or house pay a recording tax on the loan: typically 1.8% of the loan amount under $500,000 and 1.925% at $500,000 or more. Co-op purchases are exempt because a co-op loan is not recorded against real property.

How much of a down payment do I need in NYC?

20% is the norm. Some condos and houses can be financed with 10% or less (with PMI added until you reach 20% equity, which the calculator estimates automatically), while most co-op boards require at least 20% down.

Where does BlockBook’s data come from?

Official public sources only: the NYC Department of Finance assessment roll, PLUTO land-use data, ACRIS deed records and DOF rolling sales for last sale prices, NYC GeoSearch for address matching, and Freddie Mac weekly averages for mortgage rates.

Is BlockBook free?

Yes. Every address lookup and the full mortgage calculator are free, with no account or sign-up.