Recent changes to New York City’s property tax rates for the fiscal year starting July 1, 2024 may affect your property tax liabilities.
On October 23, 2024, the New York City Council approved new property tax rates that supersede the rates initially adopted on June 30, 2024. The previous rates are no longer valid. Taxpayers will only see a change from the 2023/24 rates to these new 2024/25 rates.
Impact on Tax Bills
- First Half of 2024/25 Tax Bills: The NYC Department of Finance (DOF) sent tax bills in early June for the first half of the fiscal year using last year’s 2023/24 rates.
- Second Half of 2024/25 Tax Bills: When DOF sends tax bills in November 2024 (for payment due January 1, 2025), they will update the tax bills to reflect the new rates approved on October 23, 2024.
- The new rates are retroactive to the start of the tax year on July 1, 2024. As a result, Class 4 property owners will see a greater increase in their upcoming tax bills to account for the retroactive application of the new rates.
Next Steps
We recommend the following actions:
- Review Your Upcoming Tax Bill: When you receive your updated tax bill in November, please review it carefully to understand the changes.
- Financial Planning: Adjust your 2024 and 2025 budgets to account for the changed tax liability due to the retroactive rate change.
- Assessed Value Protests: Continue to challenge your assessed values to keep them low. The next protest period for 2025/26 runs from January 15 to March 1, 2025. Contact us if you have properties you want us to consider representing and filing property tax certiorari protests.
- Consultation: If you have questions or need assistance assessing how these changes affect your specific situation, please contact us.
If you are interested in learning more about the New NYC Property Tax Rates for the Fiscal Year 2024/2024, please contact your trusted R&E attorney or Benjamin M. Williams, Member and Head of the firm’s Property Tax Department. Follow our new blog for other NYC property tax updates: NYC Property Tax | Rosenberg & Estis, P.C.