by Laura Matiz
The new property tax rates for fiscal year 2016—which started on July 1, 2015—were announced on June 26th after the City Council adopted the Mayor’s budget. For a fuller explanation on the confusing property tax system, see The Byzantine NYC Property Tax System (April 26, 2015). The Class 1 (1-3 family homes) property tax rate went up 0.00397 points to 19.554% while Class 2 (condos, coop, rental buildings) property tax rate went up 0.00028 points to 12.883%. As explained in that earlier article, the Class 1 property tax rate is applied to 6% of the market value, while for Class 2 properties, the rate is applied to 45% of the market value. In the table below, I have computed the "true rate" on market value for each class.
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Laura Matiz | Blog |