Bronx Property Tax Search

The first step is for the city assessor to determine the market value of the property. While the term market value seemingly refers to how much the property would sell for on the open market, in reality, the market value established by the city assessor is almost always substantially lower.

Next, the market value is used to compute the assessed value, which is a percentage of the market value. The exact percentage is determined by the tax class of the property. Tax class 1 is assessed at 6% of the market value, and tax classes 2, 3 and 4 are assessed at 45%.

To protect property owners from sudden large increases in property tax, the state limits how quickly the city can increase the assessed value. Typically, these limits are applied when the city assessor makes a large increase to the market value. Without these limits, the assessed value would increase by a similar percentage. Instead, the change to the assessed value is phased in over a number of years.

The market value of this property was increased in previous years and the assessed value is currently being phased in. Because this property is in tax class 1, the assessment cannot be raised more than 6% from the year before or 20% over five years.

The taxable value for the 25/26 tax period is the lower amount between the city's net assessed value and the transitional net assessed value.

The current tax is calculated by multiplying the taxable value (the assessed value minus any exemptions) by the tax rate. The city also grants tax abatements to some properties, which are subtracted directly from the current tax. This results in the property tax, the amount the owner currently pays.

For more information, view this property's assessment, tax bill and account statements by entering the borough, block and lot here.