New York City Property Tax Rates Will Not Change for Commercial Properties, Apartment Buildings, Cooperatives, and Most Condominiums, but Will Increase for Homeowners.

New York City Property Tax Rates Will Not Change for Commercial Properties, Apartment Buildings, Cooperatives, and Most Condominiums, but Will Increase for Homeowners.

New York City Department of Finance has released 2018/19 residential and commercial property tax rates.

Residential Class 1 property tax rates (1-3 family homes and condominiums of 3 stories or less) have increased 2.61% from $20.385/ $100 to $20.919/$100.

Residential Class 2 property tax rates for apartments, cooperatives, and condominiums of 4 stories and higher have decreased .84% from $12.719 to $12.612. Class 4 property tax rates (for all other commercial properties) have remarkably remained the same at $10.514% from last year to this year. While it may appear that New York City’s budget has remained essentially frozen, Class 1 assessment increases ( typically 6% per year ) have kept that class tax rate fairly close to last year’s rate. Most homeowners in the five Boroughs will be paying close to 8% more than last year

While commercial rates for both Class 2 and Class 4 remain the same or are dropping, annual tax bills will be increasing due to assessment increases. Class 2 assessments increase by 8% per year for 4-10 unit buildings, with the taxable values of the balance of multi-family buildings being phased-in and increasing every year. Class 4 taxable assessments are always increasing due to the same phase-in.

Assessments need to be challenged every year to roll-back tax increases or reduce further taxable increases. New York City Tax Commission accepts Applications for Correction from January 2 to March 1.

Michael Schroder, Esq. is an expert in tax certiorari law and the co-founder of the law firm Schroder & Strom, LLP. He and his business partner, Karen Strom, have been grieving residential and commercial real estate taxes on Long Island in Nassau County and beyond, since 2000.

By |2018-11-20T09:11:16+00:00November 20th, 2018|News|0 Comments

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