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July 9, 2021

Stroock Client Alert

By: Joseph B. Giminaro, Thomas Zampino, Susan R. Davidson

The City of New York has finalized the real estate tax rates for tax year 2021/22, which began July 1, 2021, and will end June 30, 2022.  The rate for Class 2 residential properties is down, while the rate for Class 4 nonresidential properties (i.e., commercial) is up.

The following is a comparison of the annualized tax rates for tax years 2020/21 and 2021/22:

  Tax Year 2020/21 Tax Year 2021/22
Class 1 (1-3 family residential) 21.045% 19.963%
Class 2 (4 or more family, co-ops, condos) 12.267% 12.235%
Class 3 (utility property) 12.826% 12.289%
Class 4 (nonresidential) 10.694% 10.755%
 

The new tax rates were not in place for the July 1, 2021, 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 2021/22 are as follows, beginning with the tax bill due January 1, 2022:

  July 1, 2021 Rates January 1, 2022 Rates
Class 1 (1-3 family residential) 21.045% 18.881%
Class 2 (4 or more family, co-ops, condos) 12.267% 12.203%
Class 3 (utility property) 12.826% 11.752%
Class 4 (nonresidential) 10.694% 10.816%
 

This Stroock publication offers general information and should not be taken or used as legal advice for specific situations, which depend on the evaluation of precise factual circumstances. Please note that Stroock does not undertake to update its publications after their publication date to reflect subsequent developments. This Stroock publication may contain attorney advertising. Prior results do not guarantee a similar outcome.