3 Things to Know About Real Estate Taxes When Buying an Apartment in NYC

By Deborah Miller, Licensed Real Estate Salesperson

Taxes are influenced by several factors, but assessed value and the tax rate have the biggest impact.

1. Real estate taxes are included in the monthly maintenance for co-op and condop buildings
2. Real estate taxes are NOT included in the monthly maintenance in condo building HOAs
3. Buildings marked as having a 421a tax abatement will experience an incremental tax increase, according to the abatement’s phase-in schedule.

Once the phase-in period begins, the impact on taxes can be significant.

Example: 130 Bradhurst Avenue – Harlem

This property has a 25 year tax exemption which began in 2011. 

• The first 15 years have a full exemption
• The last 10 have a phase in of 20% every 2 years. 

In the next tax year, the first 20% will phase in, reducing the exemption amount and causing taxes to increase.

The exact increase will depend on next year’s assessed value and tax rate. 

For the current Notice of Property Value and tax bill (for the 2025/2026 tax year), see:

• 
  

  Notice of Property Value

• 
  

  Tax Bill 

• 
  

  NYC's Department of Finance's list of available property documents

Note: Buyers should speak with a real estate attorney about any questions regarding any property they are seriously considering! 

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Deb Miller writes from Harlem and this piece is in large part thanks to an assist from the BHS Research Dept. 

Connect with Deb Miller, Ariela Heilman, Ian Hersey regarding your real estate needs. Visit them at NYCRODEO.com