Property Tax on a $500,000 Home in New York

How Much is Property Tax on a $500,000 Home in New York?

Property tax on a $500,000 home in New York typically ranges from $4,500 to $13,500 per year (roughly $375 to $1,125/month), depending on the county. Based on the statewide average effective rate of 1.73%, you can expect to pay around $8,650/year, or $721/month. New York has high effective property tax rates, particularly in the New York City suburbs; New York City itself uses a complex system of fractional assessments that often produces lower rates for residential property.