NYC Property Tax-1 to 3 Family

This is a map of the relative property tax assessment for 1 to 3 family homes in NYC.
This includes your gross tax bill amount when you zoom in to the block level.

See http://timingblog.brooklynmarathon.com/2016/04/see-your-property-tax-bill-relative-to.html (blog) and http://bit.ly/nyctaxequity for a web version.

Blue = Low (e.g, 1 or 2 percent),

Red = High (e.g.,4 to 6 percent).

What is Assessed Value?
This is a number that NYC Department of Finance assigns to your property in order to tax you.

What is Market Value?
This is the amount that NYC Department of Finance believes your house will sell for approximately.

What is Assessment Ratio?
This is your assessed value divided by your market value.

Please note that for class 1 property the assessment ratio target is 6 percent but thanks to real estate law https://www.nysenate.gov/legislation/laws/RPT/1805 the assessment cannot change by more than 6 percent per year and 20 percent per 5 year period

Why does this matter to me?
The truth is each property is taxed at a rate based on it's history. So if you improve your home, your tax payment will very likely go up significantly. But if you pay a very high price for a property with no other changes, your tax payment will only go up by the 6% limitation.