Nyc property tax interest rate
In New York City, property tax rates are actually fairly low. The average effective property tax rate in the Big Apple is just 0.90% – just over half the statewide average rate of 1.68%. In fact, many New York counties (outside of New York City) have rates exceeding 2.50%, which is more than double the national average (1.08%). Tax Rates . Your property tax rate is used to determine the tax you owe and is based on your tax class. Rates are set annually by the New York City Council, usually in November. The City Council adopted new property tax rates for the tax year that began on July 1, 2019, and ends June 30, 2020. Taxes and Interest. We pay interest on interest bearing items such as bank accounts, utility refunds and certain court funds. Interest is paid for a period of five years from the date we receive the property. The interest rate is set by the New York State Department of Tax and Finance and is updated quarterly.