New York County, New York Property Taxes
The median property tax rate in New York County is 5.41%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With a median home value of $5,233,000, the typical annual property tax bill in New York County reaches $16,162, far exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding New York County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Manhattan or another part of New York County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New York County, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.41%
Estimate Property Tax Bill
$283,105
$262,714
Ownwell’s New York Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in New York with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in New York to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across New York County, New York
Property taxes in New York County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in New York County is 5.41%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within New York County set these rates annually, and they can vary significantly between different areas within the county. Each year, New York County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of New York has one of the higher property tax rates in the region at 5.41%, while the city of Bronx boasts one of the lowest at 0.64%. Analyzing how New York County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average New York County Tax Rate
5.41%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across New York County, New York
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in New York County, NY. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the New York County Appraisal District. The assessed value, however, is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in New York County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In New York County, the highest median tax bill is found in New York City at $16,181, while the lowest is in the Bronx at $5,761. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across New York County, New York
Source: Ownwell
$228,475
$55,980,238
$111,732,000
Average New York County Assessed Value
$5,233,000
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Bills Across New York County, New York
Property tax bills in New York County are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is a percentage of the market value of the home, and various factors such as property size, location, and improvements can influence this valuation. Once the assessed value is established, the tax rate, which is set by local taxing authorities, is applied to calculate the annual tax bill. For homeowners in New York County, the median home price stands at $5,233,000. Property tax bills can vary significantly, with the 25th percentile at $10,304 and the 75th percentile at $27,742. The 90th percentile tax bill reaches up to $46,006. The highest median tax bill within the county is $16,181 in New York City, while the lowest is $5,761 in the Bronx. These property taxes can have a substantial impact on homeowners, influencing their overall housing costs and financial planning.
Average New York County Tax Bill
$16,162
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690