New York City property taxes are going up more than anticipated. The
tax rate will increase 7.5 percent, not the reported 7 percent, to make
up for Mayor Bloomberg’s previous decrease in the tax rates. All types
of properties will see a tax increase, except for Class 4 commercial
properties, which will see a small decrease. Under a new agreement with
the City Council, properties with an assessed value of up to $250,000 may
pay taxes on a quarterly basis.