Whether you own a brownstone, condo, or another type of property, the question “Are NYC property taxes going up?” might worry you every year. The good news is that the answer for 2025 is no. As you navigate the complexities of homeownership in this vibrant city, it’s also important to stay informed about apartment market trends in New York. These trends can influence your property’s value and overall investment strategy. Keeping a close eye on the market dynamics will help you make more informed decisions moving forward.

Property Tax Rates 2025

The property tax rates for the year 2025 in NYC are: 

• 20.085% for Class-1 properties, the same as last year. This covers one-, two-, and three-family homes as well as small condo buildings (three stories or less). 
• 12.5% for Class-2 properties, including all co-op and condo properties not included in Class-1.

The property tax rates have increased for Class-4 properties (from 10.592% to 10.762%) and decreased for Class-3 properties (from 12.094% to 11.181%). But since Class-3 are utility-related properties and Class-4 are commercial, the rates are not relevant to residential property owners.

Property Prices and Property Taxes

Property taxes are calculated based on the assessed values of the homes in NYC. Even though there are caps in place to ensure that property’s assessed values are not appreciated by a substantial margin in a given period, NYC boasted some of the highest property taxes post-pandemic.  Understanding property tax responsibilities in New York can be complex, especially as various factors influence tax rates and calculations. Homeowners must stay informed about changes in municipal regulations and potential exemptions that could ease their financial burden. Additionally, consulting with local tax professionals can provide clarity and guidance on effective tax management strategies.

It’s important to understand how taxes can impact the cost of home ownership, especially if you are in the market for a home. A seasoned New York City broker can enlighten you in this regard and the intricacies of the NYC property tax code. Tax abatements that certain buildings get can also have a huge impact on the tax bill of their residents. So even if NYC property taxes stay the same, the tax bill for a condo might go up if its tax breaks expire. 

Also Read: Understanding New York State Tax Brackets