Tax Rate History

In anticipation of the release of the Fiscal Year 2015 tax rates by the New York City Council later this month, we pulled together the previous years’ real property tax rates starting from 1983.  It was not until 1983 that the City’s real property tax system was significantly amended.  It established four tax classes (see below) and allocated to each class its share of the tax levy based on a formula to determine the class’ market value share.  As a result, each class has a different tax rate based on its total taxable assessed value and its share of the tax levy.

 

 

The real property tax classes are defined below.

 

Class 1 – One-, two-, and three-family homes

 

Class 2 – All multi-family residential property  with 4 or more units

 

Class 3 – Utility real property owned by utility corporations, except land and buildings

 

Class 4 – All other real property, most notably office buildings, hotels and industrial property

 

 

In the fiscal years prior to 1983, all real property in the city of New York was taxed at the same rate.  In the last fiscal year before the change to the four class system the real property tax rate was 8.950.

 

Source:

 

Mike Slattery,

REBNY Research Department

REBNY Research News Letter

How can we help you?

Complete this quick form and we will have an associate reach out to you immediately.