Updated September 2026. No 2026-27 tax rates are adopted yet. Finance’s Class 2 guide says the rate “is not finalized until November.” Two dates bite harder here than anywhere else: the non-primary residence surcharge exemption deadline of October 6, 2026, and the bill due January 1, 2027 that carries it. The surcharge, explained covers that notice.

Manhattan property tax is New York City property tax. The same Department of Finance, the same state law, the same four tax classes and the same citywide rates apply in New York County as in Kings or Queens County. The formula does not change at the borough line. The property does.

On the Fiscal Year 2027 tentative roll of January 15, 2026, Manhattan held 164,926 of the city’s 1,114,669 tax lots, 14.8 percent, but $545.8 billion of its $1.659 trillion in market value, 32.9 percent, and $193.2 billion of its $325.8 billion in taxable assessed value, 59.3 percent. Nearly six of every ten taxable assessment dollars in the city sit in one borough. That concentration, not a rate, is what a Manhattan bill reflects. Our primer on how NYC property tax works has the arithmetic.

What is on a Manhattan property tax bill?

Four steps, none borough specific. Finance sets a market value, converts it to an assessed value at the class ratio (6% in class 1, 45% in classes 2, 3 and 4), then applies the limits: a cap for class 1 and class 2 buildings of ten units or fewer, a five-year phase-in at 20% a year above that. Taxable value is the lower of the actual and phased-in figures, minus exemptions, times the class rate; abatements come off afterwards.

Manhattan is overwhelmingly class 2 and class 4, so the phase-in, not the cap, governs the borough by value: 6,443 of its 164,926 lots are class 1, and a further 13,304 are the small class 2 buildings of ten units or fewer that the cap reaches. Bills run quarterly at an assessed value of $250,000 or less, semiannually above it.

Is there a separate Manhattan property tax rate?

No. Finance puts it in one line: “Your property tax rate is based on your tax class. There are four tax classes.” The Council sets those rates citywide, so a co-op on Central Park West pays the class 2 rate a co-op on Ocean Parkway pays. The newest published rates are labelled tax year 2026: 19.843% in class 1, 12.439% in class 2, 11.108% in class 3, 10.848% in class 4. No 2026-27 rate exists as of September 2026. Value, not rate, is the argument.

What did the FY2027 roll say about Manhattan?

Two classes carry 87.6 percent of the borough. Manhattan holds 57.1 percent of the city’s class 2 market value and 67.9 percent of its class 4, so two of every three commercial value dollars are here. Its class 2 stock holds 774,517 residential units. Finance’s three largest categories are rentals at 387,554 units, co-operatives at 159,118 and separately assessed condominium units at 110,774; the remaining 117,071 sit in mixed categories, chiefly condominium rentals, condops and 4-to-10 family buildings. Offices are $160.1 billion of the class 4 total.

The roll barely moved: the FY2027 final roll of May 26, 2026 settled Manhattan at $545.2 billion, and that roll produced the July 2026 bills.

How does Finance value a Manhattan co-op, condo, rental or office building?

By income, and by law. For class 2 buildings of eleven units or more, the Class 2 guide says it plainly: “State law mandates that condos and co-ops be valued as rental buildings, and that we value your building as if it were producing income.” Finance assigns income and expenses from comparable rentals of similar size, location, unit count and age, then applies a formula to that income to reach market value. A co-op gets one value for the whole building; a condominium is valued whole, then split unit by unit on the offering plan’s allocation factor. A Finance value therefore bears no resemblance to a sale price.

Class 2 buildings of ten units or fewer use a gross income multiplier, capped at 8% a year and 30% over five. Class 4, the offices, hotels and stores carrying most of the borough’s commercial value, is valued on income earning potential and expenses. That income comes from the owner: income-producing property with an actual assessed value above $40,000 on the tentative roll must file a Real Property Income and Expense statement or a claim of exclusion, and filers at an actual assessed value of $750,000 or more add a rent roll. A careless RPIE filing becomes the assessment.

What is the average property tax in Manhattan?

Finance publishes its own averages on the roll summary, each class on the basis it uses. These are roll averages, not a bill.

Where do you look up a Manhattan property tax bill or property records?

Every Manhattan lot carries a borough-block-lot number beginning with borough code 1. The Property Information Portal holds the assessment record for any lot. Finance’s Property Tax Public Access portal searches by address or BBL and holds the bills, Notices of Property Value, tax class, market value and exemptions. For deeds, ACRIS covers Manhattan from 1966. Our Notice of Property Value guide reads it line by line.

In person, the Manhattan Business Center is at 66 John Street, 2nd Floor, New York, NY 10038, open 8:30 a.m. to 4:30 p.m. weekdays, with the City Register’s Office on the 13th floor and the Tax Map Office on the 3rd.

When are the Manhattan deadlines?

How does a Manhattan owner appeal an assessment?

Two agencies, two filings, not interchangeable. Finance corrects a wrong description or market value on a Request for Review, and says in terms that this “is not a substitute for appealing your property’s assessed value with the Tax Commission.” That Commission is independent and can reduce the assessment, change the tax class and adjust exemptions. Its Application for Correction must be received by March 1 for classes 2, 3 and 4, and later ones are not granted. Co-op, condo and rental owners file for the whole building, and an individual condo unit owner may also file separately. Filings currently go in person or by mail, not by email. The Tax Commission’s office, where printed forms are also available, is at 1 Centre Street, Room 2400.

A capped property carries an “effective market value,” and the case turns on beating that figure. Most Manhattan lots are phased in rather than capped, so the argument is about Finance’s income assumptions, comparable rentals and capitalization rate, which is where the RPIE filing returns. Past the Commission comes court, which is tax certiorari. Our guide to the property tax appeal process in New York City has the sequence, and MGNY files both tracks: Tax Commission appeals and Finance Department appeals.

Which exemptions and abatements matter most in Manhattan?

The co-op and condo abatement is the benefit most Manhattan co-op and condo owners deal with. Unit owners cannot apply: the board applies for the whole development, the unit must be the owner’s primary residence, and the purchase must have closed on or before January 5. The benefit runs from 28.1% of the tax at an average assessed value of $50,000 or less to 17.5% at $60,001 and above.

On new construction, 421-a governs many of the city’s newer rentals and its successor, 485-x, governs what is built now. J-51 covers rehabilitation and conversion; ICAP covers industrial and commercial work; STAR is run by New York State. Our overview of NYC tax abatements sorts exemptions from abatements.

One charge runs the other way, and it lands hardest here. For 2026-27 and 2027-28 the non-primary residence surcharge reaches condominium and co-op units Finance values at $1 million or more, at 4.0% to 6.50% of market value, and one- to three-family homes above $5 million, at 0.8% to 1.3%. Past the threshold the rate applies to the entire value, and a $1 million Finance value on a Manhattan apartment can correspond to roughly a $5 million unit on the open market. The primary-residence exemption must be claimed by October 6, 2026. See the rates and exemptions in full, what a pied-a-terre is, and our surcharge response service. The same walkthrough covers Brooklyn, the Bronx, Queens and Staten Island.

Manhattan property tax questions, answered

Does Manhattan have property tax?

Yes. Manhattan, legally New York County, is assessed and billed by the Department of Finance under the same rules as the other boroughs, and carried $545.8 billion of market value on the FY2027 tentative roll, more than any borough.

What is the Manhattan property tax rate?

There is no Manhattan rate. Rates are citywide and set by tax class: for tax year 2026, 19.843% in class 1, 12.439% in class 2, 11.108% in class 3, 10.848% in class 4. No 2026-27 rate is adopted yet.

How is a Manhattan co-op or condo taxed?

As a rental building. State law requires Finance to value co-ops and condos as if they produced income: one value for a whole co-op, and for a condominium a building value allocated across units. Both carry the class 2 assessment ratio of 45% and the class 2 rate, though in buildings of ten units or fewer the assessed value is the lower of 45% of market value and the capped amount.

Where do you find Manhattan property tax records?

Bills, Notices of Property Value and exemption records sit in Finance’s Property Tax Public Access portal, searchable by address or BBL. Assessment detail sits in the Property Information Portal, deeds in ACRIS, which covers Manhattan back to 1966.

Who has to answer the non-primary residence surcharge notice?

Any owner who received a letter from Finance saying the property may be subject to it. The exemption is not automatic and the deadline is October 6, 2026. Listing on the July 24, 2026 supplemental roll does not by itself mean a property owes anything.

What does it cost to ask MGNY?

Nothing. A real person answers at (212) 343-1111, right away, and the consultation is free. You engage us only if you want the work handled for you. MGNY has worked NYC property tax since 2008, with $50M+ in tax refunds secured for owners, 900+ developments with tax abatements secured and $30B+ represented in appeals.

Sources: NYC Department of Finance pages on tax rates, market value, assessed value, assessment definitions, the Notice of Property Value, property assessments, bills, RPIE, ACRIS, the co-op and condo abatement, challenging your assessment, the surcharge and the Manhattan Business Center; the Finance FY2027 tentative and final roll summary workbooks, source of every Manhattan figure here, with the press release of January 15, 2026 behind them; the Class 2 Property Tax Guide; and the NYC Tax Commission, all read September 4, 2026. MGNY Consulting is a private consulting firm and is not affiliated with the NYC Department of Finance or the NYC Tax Commission.

Get our updates first on Google. Deadlines move: this year’s surcharge exemption deadline was extended to October 6. Tap the button and Google adds MGNY Consulting to your preferred sources, so our coverage surfaces first in your results. No signup and no email, and one tap undoes it.

Share on: