Overview of New York Taxes
Property taxes in New York are significantly higher than the national average. State's effective tax rate (1.45%) is nearly double the national average (0.89%), while the median tax bill is over $6,542.
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To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
New York Property Taxes
Property taxes in the state of New York vary greatly between New York City and the rest of the state. In New York City, property tax rates are actually fairly low. However, many New York counties (outside of New York City) have rates exceeding 2%, which is more than double the national average of 0.89%.
If you’re looking at homes in New York, check out our mortgage guide for information about rates and getting a mortgage in New York.
A financial advisor can help you understand how homeownership fits into your overall financial goals. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
New York Assessed Values
The property tax system in New York starts with an assessment of your property to determine the market value. That is done by a local official, your city or town assessor. Assessments should happen regularly, but many cities and towns have not made reassessments in many years.
Since many assessments are not current, each tax area is assigned a Residential Assessment Ratio (RAR) that represents the ratio between assessed values and current market values. So, for example, if the market value of your home is $100,000, and your city’s RAR is 54%, your assessed value should be $54,000.
Your RAR doesn’t affect the taxes you actually pay, but it is important to know to ensure that your home is not over-assessed. For example, if your home is worth $150,000, your local RAR is 50%, and your assessed value is $125,000, your home is over-assessed. Your assessed value implies a market value of $250,000, much higher than the true market value of $150,000. In that case, you may want to contest your assessment. Otherwise, you will wind up paying more than your fair share of taxes.
New York Property Tax Rates
Tax rates in New York State are applied to the assessed value of your home. A number of different rates appear on your real estate tax bill, including a rate for your county, your city and your school district. In some areas, there may be additional special rates for tax districts to fund services or projects like libraries and parks.
Rates are recalculated each year based on the total value of real estate in a tax district (the tax base) and the amount of revenue the tax authority needs. Increases in property taxes are limited in most districts to the lower of 2% or the rate of inflation, so rates don’t change much year-to-year. However, that cap can be overridden by a 60% vote of a local government board or the voters in a district.
Real estate tax rates in New York are given in mills, or millage rates. A mill is equal to $1 of tax for every $1,000 in property value. Since these can be a little confusing, it is also useful to look at effective tax rates. These are actual tax amounts paid as a percentage of home value. The table below shows the average effective tax rates for counties with available data in New York State.
Looking to calculate your potential monthly mortgage payment? Check out our mortgage payment calculator.
New York City
While many other taxes in New York City are quite high (like sales and income taxes), property tax rates in the city are actually pretty low. Because of a number of property tax exemptions, many homeowners in New York City pay even less than the already low rates would suggest. Among the exemptions available are the School Tax Relief (STAR) Exemption, the Senior Citizens Homeowners Exemption, the Veterans Exemption and the Disabled Homeowners Exemption.
Those exemptions all serve to lower assessed value and, therefore, the property taxes homeowners pay.
In Brooklyn (Kings County), the effective property tax rate is just 0.73%, about half the state average. In Queens (Queens County, the rate is 0.88%. In Richmond County (Staten Island), the rate is 0.91%. The Bronx (Bronx County) has an effective rate of just 0.95%. Data for New York County (Manhattan) was not available.
It is also worth noting that New York City has a different assessment system than the one described above. The city has four classes of property. Residential, one-family and three-family homes are "class one." The assessment ratio for class one property is 6%. The ratio for other classes of property (commercial and apartment buildings) is 45%. That means that homeowners pay far lower property taxes in New York City than other types of property owners.
Erie County
The effective property tax rate in Erie County is 1.76%, well above both state and national averages. More than half of revenue from property tax goes to schools in Erie County, which is home to Buffalo. The median home value in the county is $262,500, while the median property tax bill is $4,630.
If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Buffalo may be able to help.
Monroe County
Monroe County, which sits along Lake Ontario in Western New York, is home to the city of Rochester. At 2.36%, the county's effective property tax rate results in the typical homeowner paying around $5,763 per year in property taxes.
Onondaga County
The typical homeowner in Onondaga County pays $5,001 annually in property taxes. Although this is nearly $1,500 less than the statewide median, rates are based on much lower home values. In fact, the median home value in Onondaga County is just $236,300 – nearly half of the statewide median home value ($449,800).
