Nov 26 New York City Announces New Real Estate Tax Rates
New York City recently released new real estate tax rates that will affect tax bills for the following four classes:
Class 1: Most residential property of up to three units (family homes and small stores or offices with one or two apartments attached), and most condominiums that are not more than three stories.
Class 2: All other property that is not in Class 1 and is primarily residential (rentals, cooperatives and condominiums). Class 2 includes:
- Sub-Class 2a (4-6 unit rental building)
- Sub-Class 2b (7-10 unit rental building)
- Sub-Class 2c (2-10 unit cooperative or condominium)
- Class 2 (11 units or more)
Class 3: Most utility property
Class 4: All commercial and industrial properties, such as office, retail, factory buildings and all other properties not included in tax classes 1, 2 or 3.
The January and March 2020 bills (if paid quarterly) or January 2020 bill (if paid semi-annually) will be retroactively adjusted to account for the rate adjustments reflected in the above Property Tax Rates chart.
If there are any questions regarding your bill, please reach out to Jeff Roude with Sax’s Real Estate Practice at [email protected].