What this calculator does
The New York City property tax calculator applies the actual New York City method — not a national average — to estimate a yearly bill. NYC property tax is built on the Department of Finance market value, not the sale price. One- to three-family homes (Class 1) are taxed on 6% of that value at 19.843% for fiscal year 2026, and co-ops and condos (Class 2) on 45% at 12.439%. Because DOF values co-ops and condos using rental income, their bills are often low relative to price. Co-op owners pay their share through monthly maintenance, and many qualify for the co-op/condo abatement.
How to use it
- Find your DOF market value and tax class on your Notice of Property Value or on NYC's property information portal.
- Tick the exemptions you qualify for.
- Adjust the rate if your bill shows a different one — rates differ by neighborhood and change each year.
- Read the step-by-step table to see how the value becomes a bill.
The formula
NYC taxes an assessed value that is only a slice of the Department of Finance market value (6% for 1–3 family homes, 45% for co-ops and condos), and DOF market values for co-ops and condos are based on rental income, so they are usually far below sale prices. Here that works out to an effective rate of 1.19% of the value you entered.
Worked example for New York City
| Step | Amount |
|---|---|
| DOF market value | $1,000,000 |
| Assessed value (6% ratio) | $60,000 |
| Exemptions | $0 |
| Taxable assessed value | $60,000 |
| Tax at 19.843% | $11,906 |
| Abatements / credits | $0 |
| Estimated annual property tax | $11,906 |
Estimated annual property tax: $11,906.
What affects property tax in New York City
Assessments, rates and exemptions each move the bill. In New York City, rates are set by the local governments that serve each address, so two homes of the same value in different neighborhoods — for example Upper West Side, Harlem, Park Slope — can pay different amounts.
Common mistakes and tips
- Using the listing price when the tax is based on a different assessed value.
- Missing an exemption deadline — most exemptions require an application.
- Assuming the seller's bill will be yours; many places reassess after a sale.
- Not checking the assessment notice for errors in square footage or condition.
Frequently asked questions
How much is property tax in New York City?
With the default inputs on this page, about $11,906 a year. Here that works out to an effective rate of 1.19% of the value you entered.
Why is my NYC co-op tax so low compared with the price?
DOF values co-ops and condos as if they were rental buildings, so the market value it uses is often far below sale prices, and Class 2 is taxed on 45% of that value.
Who pays property tax in a co-op?
The co-op corporation pays the building's tax, and each owner's share is built into monthly maintenance.
Is this my exact bill?
No. It estimates the main pieces. Special assessments, penalties and local charges can change the final amount.
Sources
Disclaimer
This calculator provides estimates for educational purposes only and is not financial, tax, legal, real estate, or insurance advice. Consult a licensed professional before making decisions.