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New York Property Tax Information
Search for free property tax records and learn about local tax rates and tax exemptions
Property Tax - Data & General Information
Start you property tax research on PropertyShark.com. You will find current property tax data on invidual properties, an overview of the property tax assessment process, tax rates, tax exemptions granted by different cities and local communities, property assessment value, and more.
Search Property Tax Records in New York
Navigating our database of property tax records is done with ease. Just type in a single property address and a property report will be pulled up containg: property tax information, property ownership records, deeds, tax liens, and more. The section E1 on each property report will display all property tax data and information we have on the property in question.
Sample Property Tax Report for a New York property
Property Tax
Taxable Values
The taxable value is the smaller of the city's net assessed value and the transitional net assessed value.
| Land taxable value | $17,008 | |||
| Building taxable value | + | $7,049 | ||
| Total taxable value | = | $24,057 | ||
| Taxable value exemptions | - | $0 | ||
| Total net taxable value | = | $24,057 |
Transitional Assessed Values
While the city's assessors have noted the rapid appreciation of property in New York City, the state understands that it would be burdensome for property taxes to rise too fast. Therefore, increases in the assessed value are phased in over a number of years. This introduces the transitional assessed value, which is a limit on the portion of the assessed value introduced into the tax base.
When the assessed value is phased in, sometimes the exemptions are as well.
| Transitional land assessed value | $17,008 | |||
| Transitional building assessed value | + | $7,049 | ||
| Total transitional assessed value | = | $24,057 | ||
| Transitional exemption value | - | $0 | ||
| Transitional net assessed value | = | $24,057 |
Assessed Values
Property tax is only levied on a portion of the market value. This portion is called the assessed value. For 1-3 family homes and 1-3 story condos, taxes are levied on 6% of the market value. For all other properties, taxes are levied on 45% of the market value.
Sometimes the city will exempt part of the assessed value from taxation for a certain number of years. Usually these exemptions are granted as an incentive to make improvements to an existing structure or to build on a vacant lot. Larger incentives are granted in development zones. For rental property the incentives are usually tied to rent stabilization.
There are also several tax reductions programs for residential properties that may apply and may lower this property's tax bill.
| Land assessed value | $17,008 | |||
| Building assessed value | + | $7,049 | ||
| Total assessed value | = | $24,057 | ||
| Exemptions granted by the city | - | $0 | ||
| Total net assessed value | = | $24,057 |
Market Values
The property tax assessment process starts when the city's assessors determine the market value of your property. Despite the name, this value has little to do with what someone would actually pay for your property. In some neighborhoods the market values are close to actual property values. In others they can be as little as 5% of true values. Even within neighborhoods there can be wide variations.
| Land market value | $304,000 | |||
| Building market value | + | $126,000 | ||
| Total market value | = | $430,000 |
Property Tax
Base tax is determined by multiplying the assessed value by the tax rate. Current tax is calculated by subtracting exemptions from the base tax amount. For a very small number of properties owner-related exemptions for which we currently don't have information apply and the values given below may be slightly different from the official ones. In addition to exemptions, the city also grants tax abatements to some properties. An abatement is simply a discount — it is subtracted directly from the annual tax bill. This results in the property tax (the amount the current owner pays).
| Tax Description | Taxable Value | Tax Rate | Tax Amount | ||||
|---|---|---|---|---|---|---|---|
| Base tax | $24,057 | x | 13.353% | = | $3,212.33 | ||
| Total exemptions | - | $0.00 | |||||
| Current tax (before abatements) | = | $3,212.33 | |||||
| Total abatements | - | $0.00 | |||||
| Property tax | = | $3,212.33 |
For more information please visit New York City's property tax section. Also, you can view this property's assessment, tax bill and account statements here.
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