New York variant. This is a New York-specific version of the Property Tax Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Property Tax Calculator.
New York's effective property tax rate of 1.4% means the owner of a median $460,000 home pays roughly $6,440 per year - a figure that varies widely by state.
How New York property tax is calculated
Property tax = assessed value × local millage rate. The 1.4% effective rate shown here is the statewide average of tax paid relative to market value, which smooths over county-by-county differences.
On the $460,000 New York median home, that works out to about $6,440/year or $537/month - often escrowed into your mortgage payment.
About taxes and housing in New York
New York imposes a graduated state income tax with a top rate near 10.9%, and New York City residents pay an additional local income tax.
New York's effective property tax rate is around 1.4%, with median home values near $460,000 statewide and far higher in the New York City metro.
New York's economy is led by finance, media, technology, and tourism, with New York City serving as a global financial hub.
Worked example: tax on a $460,000 home
$460,000 × 1.4% = $6,440 per year. A $500,000 home in New York would owe about $7,000 annually at the same effective rate.
Quick reference
- State income tax: 4-10.9% state, plus NYC tax up to 3.876%
- State sales tax: 4% (plus 4.53% avg local)
- Median home value: $460,000
- Median household income: $81,386
- Effective property tax rate: 1.4%
- Avg auto insurance: $2,321/yr
Frequently Asked Questions
What is the property tax rate in New York?
New York's effective property tax rate averages 1.4% of market value per year.
How much property tax on a $460,000 home in New York?
About $6,440 per year at the 1.4% effective rate.