New York State (NYS) Property Tax
While federal tax rates are the same across the board depending on filing status, state taxes are another story and can vary widely. In addition to state income taxes, individuals who own property can be subject to state property taxes.
Property tax is a system of taxation that requires owners of land and buildings to pay an amount of money based on the value of their land and buildings.
Within the U.S., state property taxes vary. For instance, your property taxes in New York (namely, property tax rates) will differ from those in a different state. This article will discuss New York State (NYS) property tax.
Who Owes NYS Property Taxes?
If you own property in New York, you will be required to pay taxes on it. So, if you own any property as an individual, business, you pay property tax on it. Even if the property was gifted to you through an estate or you own a rental property, you are still required to pay it.
There is no minimum or maximum amount to pay on your property in New York to pay property taxes. Whether you have a $50,000 or $5,000,000 house, you will owe property taxes in New York.
If your property was purchased mid-year, there is a chance your realtor will work it out that you and the seller split the cost of property taxes within the calendar year. Your mortgage interest statement provides documentation if this is the case or not.
How is New York State Property Tax Calculated?
New York state property taxes are assessed based on each county assessor. There are more than 3,700 taxing jurisdictions with independent authority to levy property taxes in New York State.
If you acquired or bought a piece of real property in New York, you’ll get an assessment of your property to determine the market value. That can be done by a local official, your city or town assessor.
Each property owner will pay a different amount in NYS property taxes.
What is the New York State Property Tax Rate?
What Are New York Property Taxes Used For?
The money collected by New York is used for multiple public services throughout the state. It could be used for:
- First responders and other law enforcement
- General government services
- Local levies
- Municipal infrastructure and land construction or improvements
- Municipal employees’ pay
- Resident services like garbage pickup
- Recreational services
- Protective services
How Do You Pay New York Property Tax?
If you pay your mortgage statement, it’s likely you are already paying your New York property taxes. This payment is called escrow. A standard mortgage payment includes:
- Homeowner’s insurance
- New York property taxes
Look at your current mortgage statement and determine if your New York property taxes are paid as part of your monthly mortgage. It will likely be listed as a line item on the statement.
When Are NYS Property Taxes Due?
NYS property taxes are due March 1st of each year. Here are further details, from the New York State Department of Taxation and Finance, Property Tax Calendar:
There are six primary “action” dates for property owners:
- Taxable Status Date
- March 1 in most communities*
- Due date for exemption applications
- On or around this date, assessment impact notices are sent to property owners in municipalities conducting reassessments
- Tentative Roll Date
- May 1 in most communities*
- Tentative assessment roll is made available to the public
- Assessments are based on their condition and ownership on Taxable Status Date and the value of property on Valuation Date (see below)
- Within ten days:
- Assessment rolls must be available from the municipal website
- Assessment increase notices must be sent to affected property owners
- You should check your assessment soon after Tentative Roll Date
- School Budget Voting Day
- 3rd Tuesday in May
- All residents are eligible to vote
- Grievance Day
- Final Roll Date
- July 1 in most communities*
- If you grieved your assessment and did not receive the relief you requested, you can apply for judicial review of your assessment within 30 days following Final Roll Date
- School property tax bills
- Mailed in the beginning of September in most communities*
- Pay close attention to the deadline for payments – they too can vary from one town to the next
- Municipal & County property tax bills
- Mailed in the beginning of January in most communities*
- Payment deadlines vary in some municipalities and counties
Where to go for New York State Property Tax Help
Gauging how the property tax is calculated and the proper amount is important, otherwise, you may be paying too much, too little, or not at all. Beyond this, there is a federal real estate tax deduction you can take. But to determine how much the deduction is, who gets it, and when can be tricky.
If you’re looking for more state of New York tax help, look no further than H&R Block Virtual. We’ll pair you with a tax pro with state-specific expertise. You can have your taxes done by a real tax pro without visiting an office.
Prefer a different way to file? No problem – you can find New York state tax expertise with all of our ways to file taxes.
If you need help handling an estate, we're here to help. Learn how to file taxes for a deceased loved one with H&R Block.
From retirement account contributions to self-employment expenses, learn more about the five most common tax deductions with the experts at H&R Block.
Getting married? Having a baby? Buying a house? Go through your life events checklist and see how each can affect your tax return with the experts at H&R Block.
Donating household goods to your favorite charity? Learn the ins and outs of deducting noncash charitable contributions on your taxes with the experts at H&R Block.