Update to New York City Property Tax RatesJuly 7, 2021
On June 30, the New York City Council and the Mayor’s Office enacted the New York City 2021/22 property tax rates. There was a net decrease year-over-year on residential tax classes 1 and 2. Utility tax class 3 also saw a sharp decline while class 4 commercial properties modestly rose. Please refer to the chart below.
Tax payments for the first quarter or half (depending upon property type), were due on July 1, 2021. Tax bills were preprinted utilizing the 2020/21 tax rate. There will be an adjustment for the tax rate on bills generated later in the year to account for the tax rate change.
The announced 2021/22 tax rates do come somewhat as a surprise as many industry professionals were projecting an increase as a countermeasure to the large net decrease in property tax assessments. Tax assessments for 2021/22 declined by their largest margin in over twenty-five years due to the impacts of COVID-19 (i.e. loss of income). There was an overall market value decline of 5.2%.
You may review the assessed value of your property or pay your tax bill online at Property Taxes (nyc.gov).
For more information on this issue or other Real Estate or Real Estate Tax Incentive Programs, please contact:
Brett J. Gottlieb at +1 212 592 1455 or [email protected]
© 2021 Herrick, Feinstein LLP. This alert is provided by Herrick, Feinstein LLP to keep its clients and other interested parties informed of current legal developments that may affect or otherwise be of interest to them. The information is not intended as legal advice or legal opinion and should not be construed as such.