New York City Property Tax Calculator​

When Are New York City Property Taxes Due?

Property taxes in New York City are billed quarterly or semi-annuall,y depending on the property’s assessed value and classification:

Quarterly Billing (Class 1 homes assessed ≤ $250,000)

• July 1: First Quarter Payment Due
• October 1: Second Quarter Payment Due
• January 1: Third Quarter Payment Due
• April 1: Fourth Quarter Payment Due

Semi-Annual Billing (All other properties)

• July 1: First Half Payment Due
• January 1: Second Half Payment Due

What Do Property Taxes Pay For in New York City?

Local property taxes in New York City pay for important local services, including:

• Public schools
• Police and fire departments
• Sanitation services
• Road maintenance and infrastructure
• Libraries and parks
• Public hospitals and health services
• Transit subsidies (e.g., MTA contributions)
• City employee salaries and pensions
• Affordable housing programs
• General city operations and services

What Does It Cost to Buy a Home in New York City?

How Much House Can You Afford?

Affordability in New York City depends on your income, debt, credit score, and mortgage rate. With a median household income of around $81,600 in the Big Apple, a buyer might afford a home in the $280,000–$300,000 range using standard debt-to-income guidelines. However, with the New York City median home price exceeding $690,000, many buyers need dual incomes or additional savings to qualify.

Use HomeLight’s Home Affordability Calculator to estimate your budget based on your income, debts, and current rates.

What Down Payment Will You Need in New York City?

According to Bankrate, the average down payment on a house in New York City is 15%. However, down payment amounts vary widely depending on loan type and credit score. While 20% used to be the expected standard, many buyers put down between 5% and 15%, with 3% options available for FHA and some conventional first-time buyer loans.

For a $690,000 home, here’s what your down payment could look like:

• 3% down = $20,700
• 5% down = $34,500
• 10% down = $69,000
• 15% down = $103,500
• 20% down = $138,000

Try HomeLight’s Down Payment Calculator to see how different down payments affect your monthly payment and loan size.

How Much Are Closing Costs in New York City?

Buyers in New York City can expect to pay about 2% to 5% of the purchase price in closing costs. These may include:

• Loan origination and underwriting fees
• Title insurance and escrow fees
• Appraisal and inspection costs
• Prepaid property taxes and homeowners’ insurance
• Filing and recording fees

For a $690,000 home, that means estimated closing costs of $13,800 to $34,500. Use HomeLight’s Closing Costs Calculator to get a personalized estimate based on your expected New York City home purchase price.

How To Find a Trusted New York City Real Estate Agent

An experienced New York City agent can help you understand local tax rates, school districts, and development trends — and guide you toward neighborhoods that fit your lifestyle and budget.

HomeLight’s free Agent Match tool uses data from over 27 million transactions and thousands of verified reviews to match you with top New York City agents based on real performance, not paid ads.

Tell us a little about your buying plans and get matched today with no obligation.