Understanding NYC Property Taxes: A Complete Guide

Property taxes in New York City are notoriously complex, with a system that differs significantly from the rest of the country. Understanding how your property is assessed and taxed is crucial for any homeowner or prospective buyer.

How NYC property tax works

NYC uses a unique classification system that divides properties into four classes, each with different assessment ratios and tax rates. Residential properties with up to three units fall under Class 1, while larger residential properties are Class 2.

Abatements and exemptions

Several programs can significantly reduce your tax burden. The STAR exemption, senior citizen exemptions, and various abatement programs for new construction or renovation can save homeowners thousands of dollars annually.

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This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., All rights reserved