New York County · 1.6M residents · 1,050,000 parcels · 11,000 Class 1 homes
Manhattan property tax
Class 1 rate
19.843%
of assessed value, which is 6% of market
Class 2 rate
12.439%
of assessed value, which is 45% of the rental valuation
Class 1 effective
1.19%
of market value, a house
Class 2 effective
~1.2%
of sale price, a co-op with the abatement
Why the headline rate looks alarming. A Class 1 rate of 19.843% sounds punitive next to Westchester’s 2.45%, but the two are charged on different things. Manhattan assesses a house at 6% of what it is worth, so 19.843% of that works out at about 1.19% of market value. Westchester’s is charged on close to full value. Manhattan is the cheaper of the two.
Estimate for a Manhattan home
Estimated annual tax
$17,317
$1,443 a month, or $4,329 a quarter. Bills are quarterly for Class 2 properties.
| Assessed value, from the rental valuation | $168,750 |
| Class 2 rate | 12.439% |
| Co-op and condo abatement (17.5%) | -$3,673 |
| School portion of the bill | 60.5% |
The four classes, and which one you are
| Class | What it covers | Assessed at | Rate | School share |
|---|---|---|---|---|
| Class 1 | Houses of 1 to 3 families | 6%of market value | 19.843% | 58.4% |
| Class 2 | Co-ops, condos, buildings of 4+ units | 45%of the rental valuation | 12.439% | 60.5% |
| Class 3 | Utility property | 45%of the DOF valuation | 11.108% | 48.1% |
| Class 4 | Commercial property | 45%of the DOF valuation | 10.848% | 60.9% |
The co-op and condo abatement
A Class 2 primary residence gets its tax cut by a flat percentage, set by the average assessed value per unit across the whole building rather than by your own apartment.
| $50,000 or less | 28.1% |
| $50,001 to $55,000 | 25.2% |
| $55,001 to $60,000 | 22.5% |
| Above $60,000 | 17.5% |
It applies only to a primary residence. Investors, pieds-à-terre and trusts do not qualify, and the building files on your behalf.
One warning for any estimate, including this one: a co-op or condo is not assessed on its sale price. The city values the building as though it were a rental, which usually lands far below what the unit sold for. The number on your Notice of Property Value is the only reliable input.
Assessment caps
| Class 1, per year | 6% |
| Class 1, over five years | 20% |
| Class 2 of 10 units or fewer, per year | 8% |
| Class 2 of 10 units or fewer, over five years | 30% |
The five-year cap binds harder than the annual one. Twenty per cent over five years works out at about 3.7% a year, well under the 6% headline.
Manhattan against the other boroughs
| Borough | Class 1 homes | Typical value | Typical tax |
|---|---|---|---|
| Manhattan | 11,000 | $1,500,000 | $17,859 |
| Brooklyn | 180,000 | $850,000 | $10,120 |
| Queens | 250,000 | $700,000 | $8,334 |
| The Bronx | 35,000 | $450,000 | $5,358 |
| Staten Island | 110,000 | $550,000 | $6,548 |
When to pay, and how to challenge
| Q1 due | July 1 |
| Q2 due | October 1 |
| Q3 due | January 1 |
| Q4 due | April 1 |
| Assessment notices | January |
| Tax Commission appeal, Class 1 | By March 15 |
An assessed value over $250,000 can pay semi-annually instead, on 1 July and 1 January. The city uses the Tax Commission rather than the Grievance Day process the rest of the state runs.
Who to contact
- NYC Department of Finance
- Assessments, bills, abatements
- 311 · nyc.gov/finance
- NYC Tax Commission
- Assessment appeals
- nyc.gov/taxcommission
- NYS Department of Taxation
- STAR registration
- tax.ny.gov
Sources
- NYC Department of Finance, FY2025 class tax rates
- NYC Department of Finance, assessment ratios and caps
- NYC Department of Finance, co-op and condo abatement (nyc.gov/ccabatement)
- NYS Department of Taxation and Finance, STAR amounts and income limits
- Neighbourhood median values from this site’s own borough data