Property Taxes in New York
New York's effective property tax rate is 1.26%, ranking #42 out of 50 states (1 = lowest). The median annual property tax paid is $5,884.
New York's property tax rates are among the highest in the nation, though the STAR (School Tax Relief) program provides meaningful relief for primary residences. The Basic STAR exemption is available to all homeowners, and Enhanced STAR provides additional savings for seniors with qualifying incomes. Outside NYC, property taxes are the primary funding mechanism for schools and local government, resulting in rates that can exceed 2-3% of market value in many communities. New York City uses a different assessment system where residential property is assessed at far below market value, creating effective rates that are lower than many suburbs.
By BuyAHomeIn Editorial | Updated 2026-03-02 | Sources: Tax Foundation, U.S. Census
Tax Rate
1.26%
Median Annual Tax
$5,884
National Rank
#42 of 50
1 = lowest
Homestead Exemption
Yes
Annual Property Tax by Home Price
| Home Price | Annual Tax | Monthly |
|---|---|---|
| $200,000 | $2,520 | $210 |
| $300,000 | $3,780 | $315 |
| $400,000 | $5,040 | $420 |
| $500,000 | $6,300 | $525 |
| $750,000 | $9,450 | $788 |
* Based on the average effective rate of 1.26%. Actual rates vary by county and municipality.
Homestead Exemption in New York
Up to $179,950-$1,000,000 (varies by county)
File for the homestead exemption after purchasing your primary residence in New York to reduce your assessed property value, lowering your annual tax bill. Contact your county assessor's office for the application.
How New York Compares
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