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November 21, 2019

Stroock Special Bulletin

By: Joseph B. Giminaro, Thomas Zampino

The City of New York has finalized the real estate tax rates for tax year 2019/20, which began July 1, 2019 and will end June 30, 2020.  The rate for Class 2 residential properties is down, while the rate for Class 4 non-residential properties (i.e., commercial) is slightly up.

The following is a comparison of the annualized tax rates for tax years 2018/19 and 2019/20:

Tax Year 2018/19 Tax Year 2019/20
Class 1 (1-3 family residential) 20.919% 21.167%
Class 2 (4 or more family, co-ops, condos) 12.612% 12.473%
Class 3 (utility property) 12.093% 12.536%
Class 4 (nonresidential) 10.514% 10.537%
 

The new tax rates were not in place for the July 1, 2019 tax bill.  Adjustments will be made to subsequent tax bills to reflect the changes.  The tax rates to be applied for the second half of tax year 2019/20 are as follows, beginning with the tax bill due January 1, 2020:

July 1, 2019 Rates January 1, 2020 Rates
Class 1 (1-3 family residential) 20.919% 21.415%
Class 2 (4 or more family, co-ops, condos) 12.612% 12.334%
Class 3 (utility property) 12.093% 12.979%
Class 4 (nonresidential) 10.514% 10.560%

 

For More Information

Please feel free to contact us if you have any questions regarding this or any other real estate tax matter:

Joseph Giminaro

212-806-6181

jgiminaro@stroock.com

Thomas Zampino

212-806-6239

tzampino@stroock.com

Kevin Guerra

212-806-6517

kguerra@stroock.com