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. Owners then apply any applicable exemptions, such as the homeowner exemption or the senior citizen exemption, to arrive at the final statement.
Understanding NYC Property Tax Exemptions for 2024
This framework determines the financial obligations tied to real estate and directly impacts the bottom line of property owners across the five boroughs. 5% of market value Class 3 Utilities and condominiums under construction 4.
Class 1: Residential Properties Class 1 properties encompass one, two, three, and four-family homes, as well as condominiums. The assessed value is calculated as 6% of the full market value, subject to the allowable increase limit (MAX) set annually.
Understanding NYC Property Tax Exemptions for Homeowners and Seniors
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. When combined with the assessment ratio and the MAX, this levy determines the preliminary tax amount.
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