For Class 1 properties, the calculation involves assessing the market value and applying a series of tax rates that differ based on the specific location and the level of municipal services. Managing Your Payment Obligations Once the assessment is finalized, the bill is typically issued in two installments throughout the fiscal year.
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Class 2 properties are subject to a separate calculation based on the gross rental income generated by the building. This process involves submitting an application to the local board of assessment review.
Each class operates under a different formula. Filing Your Tax Return Unlike a federal income tax return, the property tax system in New York City does not require a traditional filing process for most homeowners.
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These exemptions are not automatic and require specific applications to be filed with the appropriate local government agency. This assessed value is then multiplied by the statutory tax rate, which varies significantly depending on the property class.
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