City of New York Real Estate Tax Guide

City of New York Real Estate Tax Guide

(As of July 1, 1996)

The information provided is believed to be accurate, but is not guaranteed.

Tax	Lien Date	Due Date	Last Day to Pay Without Penalty	Interest Penalty for Late Payment
REAL ESTATE Where the assessed value is $40,000 or less	July 1 October 1 January 1 April 1	July 1 October 1 January 1 April 1	July 15* October 15* January 15* April 15*	1. On improved property where the annual taax is $2,750 or less and is paid directly by owner, at the rate of 9.0% per annum. 2. On improved property where the annual tax is more than $2,750 and on all vacant or unimproved land and on all property where the tax is paid from an escrow, at the rate of 18.0% per annum.
*If taxes are paid from lender's escrow, the last day to pay, is the due date.
REAL ESTATE Where the assessed value is over $40,000	July 1 January 1	July 1 January 1	July 1 January 1
WATER (Frontage) SEWER (Sewer rent is 159% of water charge)	June 30	June 30	July 31	1. On improved property where the annual tax is $2,750 or less and is paid directly by the owner, at the rate of 9.0% per annum. 2. On improved property where the annual tax is more than $2,750 and on all vacant land and on all property where the tax is paid from an escrow, at the rate of 18.0% per annum.
WATER (metered) SEWER (Sewer rent is 159% of water charge)	When entered	When entered	Within 30 days of entry
ASSESSMENTS	When entered	When entered	Within 90 days of entry (within 30 days on assessments for emergency repairs or services and Department of Health Pest Control charges)	Assessments accrue penalty at the same rate as a City Tax upon the premises to which they relate (except assessments based upon emergency repairs made or services performed pursuant to Department of Housing Preservation and Development authorization which accrue penalty at the rate of 7% per annum).
BOILER & ELEVATOR	When entered	When entered	Within 30 days of entry	Interest on all Boiler and Elevator charges ........... 15.0% annum
VAULT	June 1	June 1	Within 15 days of entry	Interest rates on all Vault charges ............. 8.0% annum NOTE: The late filling of or failure to file a vault tax return carries additional penalties.

NOTES:

1.	Your cancelled check is your receipt. Receipted bills will not be returned unless
	written request accompanies payment.

2.	General information: call Taxpayer Assistance (718) 935-9500.

3.	Interest computation: call (718) 935-6000. Due to possible fluctuation in the interest
	rate and the complexity of interest calculations, it is recommended that an official be
	obtained from the appropriate Borough office of the Department of Finance,
	requesting an interest calculation to the contemplated date of payment.

4.	Information re In Rem: call (718) 935-6535.

5.	Information regarding refunds: call (718) 935-9500.

6.	Certain assessments may be paid in installments by arrangement. Delinquent
	taxes and other charges may also be paid in installments by arrangement. Contact
	the local office of the Department of Finance to determine whether such an
	arrangement can be made.

7.	Check for real estate taxes should be made payable to "New York City Department of
	Finance", checks for water and sewer rents should be made payable to "New York City
	Water Board."

8.	Effective July 1, 1990, interest due on late payments is calculated using daily
	compounding rather than simple interest. The interest rate is fixed annually by the
	City Council.

The information is believed to be accurate but not guaranteed.

East Coast Abstract

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