New York City Property Tax System History 1975 Court of Appeals Case: Hellerstein v. Town of Islip – SeminalcaseforrealpropertytaxreforminNYS In 1981, NY’s Real Property Tax Law was amended to create what is effectively...
Category - Property Taxes
NYC Advisory Commission on Property Tax Reform: Preliminary Report Jan 2020
The NYC Advisory Commission on Property tax Reform reached consensus on 10 initial recommendations: The Commission recommends moving coops, condominiums and rental buildings with up to 10 units into a new residential...
State and Local Tax (SALT) tax deduction cap explained
Homeowners who itemize deductions on their federal income tax returns have been able to deduct, without limit, New York State and NYC real estate taxes for decades. With changes to the tax...
The STAR Program explained
What is the STAR Program? The School Tax Relief (STAR) program provides eligible property owners in New York City with relief on their property taxes. How does it work? The STAR program is open to any homeowner whose...
NYC Class 2 Residential Property Taxes Guide
Market Value —Valuing Your Property The NYC Department of Finance assigns Market Values to all properties in New York City – approximately 1,045,000 properties each year. Market Value is the worth of your property...
NYC Class 1 Residential Property Taxes Guide
Market Value —Valuing Your Property The Department of Finance determines a market value for your tax class 1 property using statistical analysis that incorporates data such as the recent selling prices of similar...
