Export
  (Amounts in Millions)

(1) Property tax rate based on every $100 of assessed valuation.

Notes:

The definitions of the four classes are as follows:

Class One - One, two and three family homes, single family homes on cooperatively owned land. Condominiums with no more than three dwelling units provides such property was previously classified as Class One or no more than three stories in height and built as condominiums. Mixed-use property with three units or less, provided 50 percent or more of the space is used for residential purposes. Except in Manhattan, Vacant land that is residentially zoned, or of not residentially zoned, that abuts a class 1 parcel, has the same owner as that parcel, and is not larger than 10,000 square feet.
Class Two - All other residential property not in Class One, except hotels and motels. Mixed-use property with four or more units, provided 50 percent or more of the space is used for residential purposes.
Class Three - Utility real property owned by utility corporations, except land and buildings.
Class Four - All other real property.

Assesment Values are based on a percentage of the property's Fair Values.

The Department of Finance assigns fair values to all properties in New York City.

Fair Value is the worth of the property as determined by the Department of Finance based on the property's tax class and the New York State Law requirements for determining fair value.


Sources: Resolutions of the City Council and The Annual Report of The New York City Property Tax Fiscal Year 2023.