Law Offices of Jingting Li, PLLC
((物業價x評估率) - 豁免) x 物業稅稅率 = 稅單
((Property Value x Assessment Rate) - Exemptions) x Property Tax Rate = Tax Bill
Property tax on real estate that is paid to local governments like counties, cities, and school districts. The State of New York receives no property tax revenue. All property tax revenues go directly to localities for schools, police and fire departments, road maintenance and other services. Property tax rates are determined by localities and depend heavily on the local budget for the year. New York counties, specifically counties in upstate New York, have some of the highest property taxes in the nation.
Property's assessment is one of the factors used by your local governments and school district to determine the amount of your property taxes.All real property, commonly known as real estate, is assessed. Real property is defined as land and any permanent structures attached to it.
Examples of real property:
NYC's Property Tax (Fiscal) Year is July 1 to June 30. The Department of Finance mails property tax bills four times a year. You either pay your property taxes two or four times a year, depending on the property's assessed value.
All properties with an assessed value of $250,000 or less make tax payments four (4) times a year.
All properties with an assessed value of more than $250,000 make tax payments two (2) times a year.
If you pay your property taxes quarterly, you are entitled to pay interest-free if you pay by the 15th (July 15, October 15, January 15 or April 15). This is called a "grace period". If the last day of the grace period falls on a weekend or a federal holiday, the payment is due the next business day. If payment is made after the grace period, interest will be charged from the original due date (July 1, October 1, January 1 or April 1). If your payment is mailed, we consider your payment date to be the postmark date on your envelope.