Property Class Typical Use Assessment Ratio Class 1 Owner-occupied residential (1-4 units) 6% of market value Class 2 Rental apartments 4. Class 1: Residential Properties Class 1 properties encompass one, two, three, and four-family homes, as well as condominiums.
NYC Property Tax 2024: Understanding Assessment Ratios and Classes
5% of market value Class 4 Commercial and multi-family properties (5+ units) 4. The assessed value is calculated as 6% of the full market value, subject to the allowable increase limit (MAX) set annually.
5% of the market value. This MAX acts as a cap, preventing tax shocks by limiting how much the taxable value can grow year-over-year, even if the market surges.
Understanding NYC Property Tax 2024: Classes, Rates, and Assessments
5% of market value Class 3 Utilities and condominiums under construction 4. However, the actual tax bill is often mitigated by the state’s School Tax Relief (STAR) program.
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