TaxBills.nyc helps you understand how property taxes are calculated, paid, and managed across New York City. We break down tax classes, formulas, exemptions, and appeal steps — all in one place, with tools and examples built for NYC homeowners.
NYC’s property tax is the city’s largest revenue source, generating over $30 billion annually. The Department of Finance (DOF) determines your property’s market and assessed values and issues your tax bill based on its class and rate. Taxes fund schools, sanitation, police, fire services, and housing programs.
Annual Property Tax = (Assessed Value × Tax Rate) − Exemptions
Payments are managed by the NYC Department of Finance. Depending on your property’s value and class, bills are due either semiannually or quarterly.
Interest and penalties apply if you miss deadlines. Interest is charged monthly until payment is made in full.
If you believe your property’s market value or classification is incorrect, you can appeal the assessment. You must submit an application with evidence during the open appeal window (typically January–March).
NYC divides properties into classes to balance the tax load. Class 1 homeowners benefit from capped increases to prevent sudden spikes, while Class 4 (commercial) properties fund more of the city’s infrastructure costs.
Some programs like the Basic STAR automatically renew, but others such as the Senior Citizen Homeowners Exemption (SCHE) or Veterans Exemption require periodic renewal or income verification.
Late payments incur interest and can eventually result in a lien being sold. NYC offers payment plans through the Department of Finance to help property owners stay current.
Yes. If your assessment is successfully appealed, your future bills are adjusted and, if applicable, refunds are issued for overpayments.
Visit the NYC Property Tax Portal to view past bills, assessment histories, exemptions, and make payments.