Property Tax
Real estate · Reinvent NY glossary
Property tax is an annual tax assessed by local governments based on a property's assessed value. Rates vary dramatically by location: New York City's effective rate is approximately 1.0-1.5% of market value, while New Jersey averages 2.2%, Texas 1.8%, and California (post-Prop 13) 0.7%. For a $1 million NYC condo, annual property taxes are approximately $10,000-$15,000. Foreign owners pay the same rates as US citizens. Property tax is deductible on US federal income tax returns (up to $10,000 SALT cap). Failure to pay results in tax liens and eventual foreclosure.
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