New York City, NY variant. This is a New York City, NY-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 City property tax runs about 0.88% of value - roughly $7,260/year on the $825,000 median home.
Property tax in New York City
Tax = assessed value × local rate. The 0.88% effective rate captures New York City's blend of county, city, and school levies.
On the $825,000 median home that's $7,260/year ($605/month), usually escrowed with your mortgage.
About New York City, NY
New York City levies its own local income tax on residents, layered on top of New York State income tax, so city dwellers face one of the heaviest combined tax burdens in the country.
New York City is among the most expensive housing markets in the United States, with high home prices and rents that vary dramatically across its five boroughs.
New York City's economy is anchored by finance, media, and professional services, and its high cost of living is driven largely by housing and dense urban demand.
Worked example: $825,000 home
$825,000 × 0.88% = $7,260/year. A $600,000 New York City home would owe about $5,280.
Quick reference
- Median home value: $825,000
- Median rent: $3,950/mo
- Median household income: $80,610
- Local sales tax: 8.875%
- City income tax: 3.876%
- Effective property tax rate: 0.88%
- Cost of living index: 187 (US avg = 100)
Frequently Asked Questions
What is the property tax rate in New York City?
About 0.88% of market value per year.
How much property tax on a median New York City home?
Roughly $7,260 per year.