Help Me Understand NYC Property Tax (2013, house, estimate)

[Leanrdinho]

I read that in 2009, if it was a Class 1 residence, it was taxed at 16% of 6% of market value.

So, if you bought a 1 million dollar home, you would pay 16% of 60,000 dollars per year in property taxes.

Is that correct?

[Astorian31]

Originally Posted by Leanrdinho

I read that in 2009, if it was a Class 1 residence, it was taxed at 16% of 6% of market value.

So, if you bought a 1 million dollar home, you would pay 16% of 60,000 dollars per year in property taxes.

Is that correct?

Almost correct. In 2009, you would have payed about 16% of 60,000 dollars, if your property had a "market value" of a million dollars. The city estimate of a property's market value is not necessarily going to be what you paid for it; it might be more, it might be less. However, the tax rate goes up every year (it varies by class,) and the market value of the property tends to fluctuate every year. For example, a house with a market value of 1 million in 2009 is probably going to have a higher market value in 2012, lets say 1.1 million in this example. The tax rate for 2012/2013 is 18.569%, so you would pay 18.569% of 6% of 1.1 million for the 12/13 tax year.