What are the property tax rates in NYC?
In NYC, property tax rates vary by property class. For residential properties, the rate is approximately 20.1%.
How is the property tax calculated?
Property tax is calculated based on the assessed value of the property and the tax rate for its class.
Are there any exemptions available for homeowners?
Yes, NYC offers several exemptions, including the STAR exemption for eligible homeowners, which can reduce your tax bill.
What happens if I don't pay my property taxes?
If you don't pay your property taxes, the city can place a lien on your property, and you may face foreclosure.
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