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NYC Property Tax Rates for 2021 – 2022

by | Jul 9, 2021 | Industry Updates

The New York City budget passed last week and the City Council set the fiscal year 2022 (7/1/2021 – 6/30/2022) property tax rates as follows:

The tax class 4 (commercial) tax rate is the highest in 15 years. The tax class 2 (apartment buildings) tax rate is the lowest in 14 years. The tax class 1 (homes) tax rate is the lowest in six years.

Tax year 2021/22 assessments saw the largest decreases in 25 years. Class 4 market values dropped over 17% and class 2 market values dropped over 8%. The City’s taxable assessments dropped 5.21% overall.

On June 5, 2021, the Department of Finance sent the tax bills for payment due July 1, 2021. You can view those bills online. DOF used the prior (Fiscal 2021) tax rate to compute the bills. DOF will use the new (Fiscal 2022) tax rates for the November 2021 bills which will be for payments due on or after 1/1/2022.

The City Council also voted to reduce the annual interest rates for the non-payment of property taxes for 2021/22. For AVs > $450,000, the interest rate is 13% (down from 18%). For $250,000 < AV ≤ $450,000, the interest rate is 6% (down from 18%). For AVs ≤ $250,000, the interest rate is 3% (down from 3.25%-5%). Additionally, certain properties adversely impacted by COVID-19 may qualify for reduced interest rates. The AV is the Actual Assessed Value; except for cooperative apartments where it’s the AV per residential unit.

Class 2 and 4 property owners who have filed storefront information as part of their 2020 RPIE filing must file a Supplemental Storefront Registration form to report any property ownership changes or storefront vacancies that occurred between January 1 and June 30, 2021, or the date you sold the property, whichever is earlier. Register on the RPIE portal by August 9, 2021.

State legislation extended the NYC co-op/condo abatement program through tax year 2021/22.

Contact me or another Rosenberg & Estis attorney to see how we can represent you in property tax protests / real estate tax certiorari for the 2022/23 tax year.

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