NYC Property Tax Rates 2025–2026: All Four Classes Explained
Rates shown are the official FY2026 rates (July 2025 through June 2026), refreshed automatically from NYC Open Data.
New York City sets one property tax rate per tax class, and the rates are citywide — the same in Manhattan, Brooklyn, Queens, the Bronx, and Staten Island. What varies from property to property is the assessed value the rate is applied to.
Current NYC property tax rates (FY2026)
| Tax class | What it covers | Rate |
|---|---|---|
| Class 1 | One- to three-family homes, most small residential | 19.8433% |
| Class 2 | Residential with 4+ units, condos, co-ops | 12.439% |
| Class 3 | Utility property | 11.108% |
| Class 4 | Commercial and industrial (offices, retail, factories) | 10.848% |
Why nobody actually pays 19.8433% of their home’s value
The rate is applied to taxable assessed value, not the market price. For Class 1 homes the city assesses only 6% of market value, and state law caps how fast that assessment can grow (no more than 6% per year or 20% over five years), so long-held homes are often assessed well below even that. A $700,000 house assessed at the full 6% ratio owes about $8,334/year — an effective rate near 1.2% of market value, and often lower in practice.
Class 2 property (condos, co-ops, rentals) is assessed at 45% of a market value the city derives from income data — which is why a condo’s "assessed market value" usually looks far below what it would sell for.
How your bill is calculated
- Market value — the Department of Finance’s estimate, set each January.
- Assessed value — 6% of market value (Class 1) or 45% (Classes 2–4), with growth caps.
- Taxable value — assessed value minus any exemptions.
- Your bill — taxable value × the class rate above, minus any abatements.
Exemptions and abatements that lower the bill
- STAR / Enhanced STAR — school-tax relief for owner-occupied primary residences.
- Co-op/condo abatement — 17.5% to 28.1% off for qualifying owner-occupied apartments.
- SCHE / DHE — senior citizen and disabled homeowner exemptions (income-limited).
- 421-a and J-51 — construction/renovation abatements attached to specific buildings.
When rates change
The city’s fiscal year runs July 1 to June 30. The City Council usually adopts final rates in November, retroactive to July 1 — this page updates automatically when new rates are published.
Look up any NYC address’s actual taxes →
Related: NYC mortgage recording tax · Current mortgage rates
Frequently asked questions
What is the property tax rate in NYC?
For fiscal year 2026, the rates are 19.8433% for Class 1 (one- to three-family homes), 12.439% for Class 2 (condos, co-ops, and larger residential), 11.108% for Class 3 (utilities), and 10.848% for Class 4 (commercial). The rate applies to taxable assessed value, not market price.
Are property taxes the same in all five boroughs?
Yes — tax rates are set citywide, so Manhattan, Brooklyn, Queens, the Bronx, and Staten Island all use the same rate per class. Individual bills differ because assessed values differ.
Why is my effective tax rate so much lower than the official rate?
Because Class 1 homes are assessed at only 6% of market value (with strict caps on annual growth), and Class 2 at 45% of an income-derived value. The headline rate applies to that smaller assessed figure.
How often do NYC property tax rates change?
Once a year. The City Council typically adopts final rates in November, retroactive to the July 1 start of the fiscal year.
Informational only — not financial, legal, or tax advice. See the disclaimer.