News & Noteworthy



Announcement: New York City Releases 2012-2013 Real Estate Tax Rates
Residential Rates Decline. Commercial Rates Increase.
NOVEMBER 20, 2012

The City of New York this week released the new real estate tax rates for 2012-13, which are effective as of July 1, 2012 and will expire on June 30, 2013.

The average new 2012-13 rates are as follows:

  • Class 1 - 1 to 3 family residential - 18.569%
  • Class 2 - 4 or more families, co-ops, condos - 13.181%
  • Class 3 - utility - 12.477%
  • Class 4 - nonresidential - 10.288%

The new rates were not in place for the July 1, 2012 tax bill. Adjustments will be made to subsequent tax bills to reflect the changes. The adjusted tax rates are to be applied for the second half of the tax year (2012-13), beginning with the tax bill due January 1, 2013, are as follows:

  • Class 1 - 1 to 3 family residential - 18.933%
  • Class 2 - 4 or more families, co-ops, condos - 12.929%
  • Class 3 - utility - 12.481%
  • Class 4 - nonresidential - 10.424%

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