Estimate your annual NYC property tax from market value and tax class.
Estimate before exemptions and abatements (STAR, SCHE, 421-a, J-51) and before assessment caps / transitional assessed value, which can lower the actual bill — especially for Class 2 and 4. Tax rates are set annually by NYC (FY2025 shown). For your property's real assessed value and bill, look it up below.
NYC property tax is calculated in three steps:
For a Class 1 property (1-3 family home) with a market value of $800,000:
Class 1 properties cannot have their assessed value increase by more than 6% per year or 20% over 5 years. Class 2 is capped at 8% per year or 30% over 5 years. These caps protect owners from sudden increases but may mean assessed value lags behind market value for rapidly appreciating properties.
If you believe your property is over-assessed, you can file a challenge with the NYC Tax Commission. The filing deadline is typically March 1 for Class 1 and March 1 for other classes. Evidence of lower market value (comparable sales, income data) strengthens your case.
NYC property tax = Market Value x Assessment Ratio x Tax Rate - Exemptions. The assessment ratio is 6% for Class 1 (small residential) and 45% for Class 2 and 4. Tax rates vary by class and are set annually.
Apply for all eligible exemptions (STAR, SCHE, veterans). Challenge your assessment if the market value is too high. Check that your tax class is correct. Review your property for over-assessment of lot size or building area.
This is an estimate. Look up any NYC address for the actual assessed value, tax class, zoning, and FAR — free, no account needed.