Publication

New York City Finalizes 2018/19 Real Estate
Tax Rates

The City of New York has finalized the real estate tax rates for tax year 2018/19, which began July 1, 2018 and will end June 30, 2019. The rate for Class 2 residential properties is down slightly, while the rate for Class 4 nonresidential properties (i.e., commercial) is the same as last year.
 
The following is a comparison of the annualized tax rates for tax years 2017/18 and 2018/19:
 

Tax Year 2017/18 Tax Year 2018/19
Class 1 (1-3 family residential) 20.385% 20.919%
Class 2 (4 or more family, co-ops, condos) 12.719% 12.612%
Class 3 (utility property) 11.891% 12.093%
Class 4 (nonresidential) 10.514% 10.514%
 
The new tax rates were not in place for the July 1, 2018 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 2018/19 are as follows, beginning with the tax bill due January 1, 2019:
 
July 1, 2018, Rates Jan. 1, 2019, Rates
Class 1 (1-3 family residential) 20.385% 21.453%
Class 2 (4 or more family, co-ops, condos) 12.719% 12.505%
Class 3 (utility property) 11.891% 12.295%
Class 4 (nonresidential) 10.514% 10.514%
 

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                               
[email protected]