New York Property Tax Calculator (2026)

How NYC real estate tax is calculated

The Department of Finance estimates market value and sets assessed value at 6% of it for class 1 homes (one- to three-family houses and most small condos). The tax is assessed value minus exemptions, times the class 1 rate of 19.843% for the 2026 tax year (July 2025 to June 2026). The real limit is the cap: assessed value can rise no more than 6% a year and 20% over five years, apart from physical changes.

Because of the caps, most long-held homes are assessed far below 6% of market. A $1,000,000 Brooklyn house with an assessed value of $40,000 on its Notice of Property Value pays $7,937 a year, not the $11,906 it would pay at the full ratio. With 5% yearly price growth its assessed value reaches only $48,000 after five years.

STAR and Enhanced STAR

The School Tax Relief program reduces school taxes for primary residences. New owners get the STAR credit, a check from New York State, if household income is $500,000 or less. Owners who already had the older exemption on their bill keep it if income is $250,000 or less. Enhanced STAR is for owners 65 or older with income up to $110,750 for 2026 ($113,550 for 2027).

In New York City, class 1 homeowners received a Basic STAR credit of $275 and an Enhanced credit of $730 in 2025. The maximum exemption savings for 2026–27 are $269 and $659. With Basic STAR the Brooklyn example falls to $7,662.

Property tax outside New York City

Outside the five boroughs, homes pay separate county, town or city, school district and special district taxes, and each municipality uses its own assessment ratio. To compare towns, use the full-value tax rate (tax per $1,000 of market value). Effective rates are much higher than in the city: Monroe County (Rochester) and Erie County (Buffalo) homeowners pay around 2% of value, and Westchester and Nassau medians exceed $10,000 a year.

School taxes are usually the largest part of the bill. Districts are limited by the property tax cap (2% or inflation, whichever is less, with exceptions), but voters can approve larger increases.

NYC example by STAR status

The same $1,000,000 Brooklyn house with a $40,000 assessed value, under each STAR option. Credits are the 2025 NYC class 1 amounts; actual checks can rise by at most 2% a year.

Reading your Notice of Property Value

Each January the Department of Finance mails a Notice of Property Value showing the estimated market value, the assessed value and the taxable value after exemptions for the coming tax year. Use the assessed value from that notice in the calculator rather than 6% of the price you paid. If the market value is wrong, you can ask the NYC Tax Commission to review it, usually by March 15 for class 1 homes.

Co-ops and condos: class 2 and the abatement

Co-op apartments and condos in buildings with four or more units are tax class 2. They are valued as if they were rental buildings, assessed at 45% of that value and taxed at the class 2 rate, so the 6% ratio and class 1 caps above do not apply. Co-op owners pay their share through monthly maintenance; condo owners get their own bill.

Owners who live in the unit as their primary residence and own no more than three units in the development can receive the co-op and condo abatement. The board or managing agent applies for the whole building, not individual owners. The abatement depends on the average assessed value per unit in the development:

Upstate and Long Island: equalization rates and school taxes

Each town or city outside NYC assesses at its own percentage of market value, called the level of assessment. New York State publishes an equalization rate for every municipality so that county and school taxes can be shared fairly between towns that assess differently. To turn a bill into something comparable, divide the tax rate per $1,000 of assessed value by the equalization rate. For example, a town assessing at 50% with a combined rate of $40 per $1,000 of assessed value has a full-value rate of $20 per $1,000, or 2% of market value.

School taxes are usually the biggest line. Many districts send a separate school tax bill in the autumn, apart from the county and town bill. In the ACS figures above, Monroe County homeowners pay about 2.36% of value and Erie County homeowners about 1.76%, roughly double the rate in the five boroughs. Use the rest-of-state mode with your full-value rate for an estimate.