---
title: "NYC Property Tax Calculator"
description: "Calculate your estimated annual property tax in New York City based on assessed value, property class, and tax rate."
url: "https://realestaterebatesnewyork.com/calculators/property-tax-calculator"
source: "Real Estate Rebate Team"
---

Real Estate Rebate Team


Licensed Broker NY & NJ · License: 10491211335


Estimated Annual Property Tax

$1,050

Estimated Monthly Cost

$88


Email My Estimate


### Detailed Cost Breakdown
DescriptionAmount
Annual Property TaxClass 1 rate applied to assessed value
$1,050
Monthly Property Tax
$88
Quarterly Property Tax Payment
$263


## How the NYC Property Tax Works

New York City property taxes are administered by the Department of Finance. Properties are grouped into classes, each with its own tax rate. The rates are updated annually by the City Council. The calculator uses the simplified tax rates of 21.00% for Class 1, 12.95% for Class 2, and 10.79% for Class 4 to estimate your tax bill based on the assessed value.


## Frequently Asked Questions
How are property taxes calculated in NYC?
What are the main property classes in NYC?
How is assessed value different from market value?


### Property Tax Terms


#### Market Value


The estimated value of your property determined by the NYC Department of Finance using comparable sales or income valuations.


#### Assessed Value


The value of the property used to compute your tax bill. Assessed value is subject to annual caps on how much it can increase (especially for Class 1 and smaller Class 2 buildings).


#### Class 1 Properties


Primary residential properties with 1 to 3 units. The tax rate is typically higher, but the assessed value is limited to a small percentage of market value (capped at 6%).


#### Class 2 Properties


All other residential properties (condos, co-ops, apartments). Although their tax rate is lower, their assessed value is a much higher percentage of market value (up to 45%).


## Need Help Navigating Your NYC Property Taxes?

Régis provides private buyer advisory to help you understand the full monthly cost of ownership, find properties with lower tax rates or tax abatements, and qualify for the Buyer Advantage rebate program.
[Schedule a Private Consultation](https://calendly.com/real-estate-rebate-info/30min)[Estimate Your Buyer Advantage →](https://realestaterebatesnewyork.com/buyer-advantage)


Chat with us on WhatsApp

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