Property tax rates apply to assessed value, not market value. For Class 1 homes (1–3 family), the city typically sets assessed value at roughly 6% of market value, so a 20% rate on assessed value translates to an effective rate of about 1.2% on market value. Rates for all classes are set annually by the NYC Council and shown here at the FY2025 levy.
Class 1 homes carry the city's highest tax rate at 19.843%, charged on an assessed value of roughly 6% of what the home is worth
Every major tax the City of New York levies on residents and businesses, at FY2025 rates, grouped by type. New York State and federal taxes are excluded. NYC does not impose a wealth tax.
Personal Income Tax: NYC PIT brackets shown for single filers. Married filing jointly thresholds differ. Rates apply to NYC taxable income, which follows NYS taxable income with minor adjustments. Source: NYC Department of Finance.
Property Tax: FY2025 tax rates set by the NYC Council. Class 1 assessed value is capped at 6% of market value and can increase no more than 6% annually or 20% over five years. Source: NYC DOF Tax Rates.
Business Corporation Tax: 8.85% of NYC-allocated business income or 2.35% of NYC receipts, whichever is higher (minimum $25). Banks pay a separate Banking Corporation Tax. Source: NYC DOF.
Commercial Rent Tax: 6% applies to gross rent above $250,000/year for commercial tenants in Manhattan south of 96th Street. Tenants paying under $250K/year are exempt. Small businesses with certain rent thresholds may qualify for a partial credit. Source: NYC DOF.
Real Property Transfer Tax: Paid by the seller. Residential properties under $500K pay 1%. An additional NYS mansion tax (1%–3.9%) applies on residential sales over $1M, that is a state levy, not included here. Source: NYC DOF RPTT.
Wealth Tax: NYC does not currently impose a tax on accumulated wealth or net worth. Proposals for a state-level wealth tax have been introduced in Albany but none have been enacted as of March 2026.
Author's compilation of NYC Department of Finance published rate schedules, FY2025. Created by Tal Roded · NYCuriosity