New York

New York has an effective property tax rate of 1.62%, with a median annual property tax of $6,450. Properties are assessed at 100.0% of market value and reassessed no statewide requirement; varies by municipality (some annual, many have not reassessed in decades). nyc updates annually.. Payments are due quarterly.

Effective Rate

1.62%

Assessment Ratio

100.0%

Median Annual Tax

$6,450

Payment Frequency

Quarterly

Appeal Deadline

NYC: by March 1 to Tax Commission. Other jurisdictions: on Grievance Day (fourth Tuesday in May for most towns)

Due Dates

Varies widely. NYC: quarterly (July 1, Oct 1, Jan 1, Apr 1). Other areas: varies by municipality; commonly January and July.

Reassessment Cycle

No statewide requirement; varies by municipality (some annual, many have not reassessed in decades). NYC updates annually.

Homestead Exception

STAR exemption: $30,000 off assessed value for school taxes (or Enhanced STAR $74,900 for seniors 65+ with income under $98,700). NYC: also has $40,000 co-op/condo abatement.

Key Notes

Property tax rates vary enormously across the state. NYC has unique assessment classification system. STAR (School Tax Relief) is primary homeowner benefit. 2% property tax cap limits annual levy increases for local governments and school districts outside NYC.

Late Penalty

Varies by jurisdiction. NYC: 7% interest first installment, up to 18% per annum. Other areas: typically 1-2% per month on delinquent taxes.

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