Class 2: Co-op and Rental Apartments Class 2 covers rental apartments and cooperative apartments, which house a significant portion of the population. The tax levy is the total amount of money the city needs to raise from property taxes, divided across all taxable properties.
NYC Property Tax Calculation 2024: Understanding Class 2 and the Levy Framework
When combined with the assessment ratio and the MAX, this levy determines the preliminary tax amount. Each class, designated as Class 1, Class 2, Class 3, or Class 4, is subjected to specific assessment ratios and tax levy limits set by the state legislature.
5% of market value Class 3 Utilities and condominiums under construction 4. Unlike other regions that rely on a single tax rate, New York City utilizes four distinct property classes.
Understanding NYC Property Tax Calculation for 2024
5% of the market value. This framework determines the financial obligations tied to real estate and directly impacts the bottom line of property owners across the five boroughs.
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