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NYC Property Tax Rates

NYC property tax generated $33.8B in FY2025, making it the city's largest revenue source at 30.5% of total revenue. Rates vary across four property classes, with Class 1 (small homes) paying the highest rate but Class 2 and 4 properties generating the most revenue due to higher assessed values. Manhattan alone accounts for 51.8% of the city's total assessed property value.

Source: NYC Department of Finance, Property Tax Rates (7zb8-7bpk)
Property Tax Revenue(?)NYC's largest revenue source (~36% of tax revenue). Assessed on 4 property classes across 5 boroughs. Manhattan generates over half of all assessed value.
$33.8B
30.5% of total revenue
Total Assessed Value
$255.0B
All 4 classes
NYC Dept of Finance
Properties
768K
Across 5 boroughs
NYC Dept of Finance
Proposed Increase
9.5%
FY2027 Preliminary
NYC OMB

Tax Rates by Property Class

Class 1
1-3 Family Homes & Small Condos
Tax Rate19.963%
Assessed Value$27.1B
Assessment Ratio6%
Properties682,000
Class 2
Apartments, Co-ops, Condos (4+ units)
Tax Rate12.235%
Assessed Value$115.4B
Assessment Ratio45%
Properties52,000
Class 3
Utility Company Equipment
Tax Rate11.832%
Assessed Value$11.2B
Assessment Ratio45%
Properties1,100
Class 4
Commercial, Office, Retail, Industrial
Tax Rate10.592%
Assessed Value$100.8B
Assessment Ratio45%
Properties33,000

Assessed Value by Borough

1.
Manhattan
$132.0B
2.
Brooklyn
$48.2B
3.
Queens
$39.6B
4.
Bronx
$20.8B
5.
Staten Island
$14.4B
Manhattan generates 51.8% of all assessed property value in NYC.
Source: Property Valuation & Assessment (8y4t-faws)

25-Year Rate History

9.5%12.1%14.8%17.4%20.1%22.7%Tax Rate (%)00/0105/0610/1115/1620/2124/25
20.0%Min 11.3%Max 21.0%Avg 17.4%
12.2%Min 10.8%Max 13.4%Avg 12.4%
11.8%Min 10.5%Max 12.8%Avg 12.1%
10.6%Min 10.3%Max 11.0%Avg 10.6%

NYC Tax Burden Calculator

Property tax is one piece of the total tax burden. See how federal, state, city, and FICA taxes combine at different income levels.

Tax Burden Calculator

INCOME
or
$
15.9%
5.8%
3.8%
7.7%
Federal
15.9%
NYS
5.8%
NYC
3.8%
FICA
7.7%
EFFECTIVE TOTAL RATE
33.2%
TOTAL TAX
$33K
TAKE HOME
$67K

Property tax is just one piece of NYC's revenue. See the full picture.

Explore All Revenue Sources

Related Pages

NYC Revenue Overview
All revenue sources — property tax, income tax, federal aid, fees, and fines.
NYC Budget Breakdown
How NYC allocates $127B across 75+ agencies.
Dept. of Finance
The agency that collects property taxes and manages valuations.
Federal Aid to NYC
How much federal funding flows to New York City each year.
Agency Comparison
Compare budgets, headcount, and spending across all city agencies.
EXPLORE:Revenue·Spending·Impact·NYPD·DOE·Manhattan·Brooklyn
DATA: NYC OPEN DATA · CHECKBOOK NYC · NYC COMPTROLLER · CENSUS ACS
NYC DASHBOARD · 2025