New York Property Tax Calculator
Our New York property tax calculator calculates the taxes you’ll pay after buying a property. Make better property purchase decisions.
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County tax$ 14,700
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County tax rate0.98%
New York Property Tax
Property tax rates and payments vary greatly within New York state. New York City has surprisingly low property tax rates, averaging only 0.88% compared to the much higher statewide rate of 1.69%.
However, many counties outside New York City impose over 2.50% property tax, more than double the national rate.
But despite lower rates, New York City homeowners end up paying higher dollar amounts due to extremely expensive real estate. The median annual property tax payment is $8,980 in New York City compared to $5,732 statewide.
So while rates may be lower in the Big Apple, the total payment is higher for the typical homeowner.
New York Property Tax Law
Property taxes in New York are determined by the property’s assessed value, which approximates the amount the property could sell for on the open market.
When you acquire a house in New York, its assessed value is determined by the local assessor based on comparable property sales and other factors. Subsequently, the assessed value may change annually at the town assessor’s discretion within an allowable range set under law.
Failure to pay your property taxes in New York can result in a series of consequences. Delinquent property taxes may be subject to interest and late penalties applied by your municipality.
If you do not pay for multiple years, your county may place a lien against your property, potentially leading to foreclosure proceedings which could result in the loss of your home.
In extreme cases, the property may be seized and sold at auction to recover the unpaid taxes after a redemption period.
To avoid penalties, New York homeowners should carefully review their assessment notices and pay property taxes in full by the annual deadlines printed on all notices from local collectors and receivers of taxes. Consulting with financial and legal experts is also recommended when facing inability to make payments.
Frequently Asked Questions
