Introduction

To use this calculator and determine approximate property tax on a specific one to three family home, owner will need to know their Adjusted Gross Income, which can be found on the first page of one’s federal tax return, to be able to enter it in the form here: 

 

https://app.tidalforce.org/newtax

This site permits the calculation of approximate proposed new tax burden on specific one to three family homes (footnote 6) according to the recommendations of NYC's Property Tax Reform Commission as set forth in its final Report (final-report.pdf (nyc.gov)

 

Under the new framework proposed in the Report, a one to three family property's current Market Value (MV) would replace what is now known as the Assessment, and the 6% tax cap would be removed.  Property tax for one to three family homes would be calculated by multiplying (number of hundreds of dollars in MV x .814 tax rate).  The new property tax would be phased in over a five year period.

 

Property Tax Exemptions: The available Exemptions, per the Report (depending on age, primary residence, and Adjusted Gross Income of the owner), would be a Homestead Exemption (Footnote one), Senior Citizen Homeowners’ Exemption (Footnote two), STAR Exemption (Footnote Three), ESTAR Exemption (Footnote four), and Circuit Breaker Exemption (Footnote five).  Exemptions can lower Property Tax, by reducing either the MV or the total annual Property Tax burden initially calculated based solely on new .814 tax rate and current MV.  Qualifying for these exemptions would depend on (a) whether the property was the owner's primary residence, and (b) the owner's Adjusted Gross Income ("AGI"), which can be found on the first page of owner's Federal Tax Return.  

 

The calculations that follow will show what the property tax on the specific one to three family house at the address entered would be at the end of the five year phase-in period, assuming the same owner, with the same AGI, with the same exemptions and MV as they have today (whether SCHE, STAR, or ESTAR, plus the Circuit Breaker Exemption (if applicable based on AGI) proposed by the Commission.  

 

To use this calculator and determine approximate property tax on a specific one to three family home, owner will need to know their Adjusted Gross Income, which can be found on the first page of one’s federal tax return, to be able to enter it in the form here: 

 

https://nyc.tidalforce.org/newtax


FOOTNOTES

 

 

 

Current homeowner exemptions that would be preserved under the new framework (2-4 below):

 

 

Senior Citizen Homeowners' Exemption (SCHE) (nyc.gov)  (Note: a footnote on page 5 of the Report states that SCHE Exemption, as well as SCRIE, DRIE, Veterans, Disabled Homeowner, and several other current personal exemption programs, some not noted in this site, will remain applicable under the proposed new framework.)