Property Tax in New York (2026): Rates, Exemptions, and Real Numbers

New York Property Tax Rates by County

Highest and lowest effective rates within New York

Property Tax Calculator — New York

Pre-loaded with New York's 1.54% effective rate and $487,737 median price

Property Tax by City in New York

Annual and monthly property tax by city, based on local median prices and the statewide effective rate

New York Homestead Exemption

How New York Assesses Property Values

Assessment cycle: Annual in most municipalities

Property Tax's Impact on Your True Monthly Cost

On a $487,737 home in New York

Property tax represents 15% of the true monthly cost in New York.

Mortgage Calculator Including Property Tax — New York

See your full PITI (principal, interest, taxes, insurance) payment

How New York's Property Tax Affects Affordability

$626/month in property tax reduces the home price you can afford. Use the affordability calculator to see the real impact.

Property Tax After Refinancing in New York

Refinancing changes your P&I but not your property tax. If your home was reassessed at a higher value, your tax bill increases regardless of your rate.

Frequently Asked Questions

What is the property tax rate in New York?

New York's effective property tax rate is 1.54%, ranking #7 nationally. The median annual property tax bill is $7,517 ($626/month). Rates range from 0.88% in Hamilton County to 2.47% in Rockland County. Source: Tax Foundation / Lincoln Institute 50-State Study 2024.

Does New York have a homestead exemption?

Yes — New York offers a homestead exemption for primary residences. STAR program: Basic STAR saves average $290/year; Enhanced STAR for seniors saves average $650/year. Apply through your county assessor's office after purchasing your home.

How often is property reassessed in New York?

New York reassesses property on a annual in most municipalities basis. When your property is reassessed, your tax bill changes based on the new assessed value multiplied by the applicable rate. If you believe your assessment is too high, you can appeal — most counties allow 30-90 days after receiving your assessment notice.

How is property tax calculated in New York?

Property tax = Assessed Value × Mill Rate (or effective rate). In New York, the effective rate is 1.54% of market value. On a $487,737 home: $487,737 × 1.54% = $7,517/year. Assessments may use a fraction of market value — the effective rate accounts for this.

Can I appeal my property tax assessment in New York?

Yes. If your assessed value is higher than comparable sales in your area, you can file an appeal with your county assessment board. Steps: (1) Get your assessment notice, (2) Research comparable recent sales, (3) File an appeal by the deadline (typically 30-90 days from assessment notice). Studies show 20-40% of appeals result in a reduction. The process is free and you represent yourself — no attorney required.

Are property taxes included in my mortgage payment in New York?

Most lenders require an escrow account that collects $626/month ($7,517/year ÷ 12) along with your mortgage payment, then pays the county on your behalf. If your loan-to-value is below 80%, you may be able to opt out of escrow and pay taxes directly. Note: if your assessed value rises, your escrow payment adjusts and your total monthly cost increases.

What New York counties have the highest and lowest property taxes?

New York's highest effective rate is in Rockland County at 2.47%. The lowest is Hamilton County at 0.88%. That's a 1.59% spread — on a $487,737 home, the difference is $7,755/year.