NYC Property Tax Guide by ZIP — Queens 2026 Focus

By Nitin Gadura · April 21, 2026

NYC property tax confuses almost every buyer, because the sticker price of a home tells you very little about the annual tax bill. Two homes on the same block, same size, same sale price, can have tax bills $3,000 apart because of assessment history, class, and exemptions. Here's how it actually works — and what typical Queens ZIPs pay in 2026.

The Four Property Tax Classes

NYC Department of Finance divides all property into four classes [1]:

• Class 1: 1–3 family homes (most of Queens)
• Class 2: Residential 4+ units, condos, co-ops
• Class 3: Utility property
• Class 4: Commercial and industrial

Each class has its own tax rate and its own assessment rules. For most Queens homeowners, Class 1 is what matters.

How Class 1 Assessment Works

Your tax bill is not based on what you paid. It's based on the DOF's "market value" estimate, then an "assessed value" (6% of market value for Class 1), capped by annual increase limits: 6% in any one year, 20% over five years [1]. That cap is why long-held homes can have assessed values far below actual market value — meaningfully lower than a newly-sold identical neighbor.

Formula: Assessed Value × Class 1 Tax Rate = Annual Tax. The Class 1 rate has historically sat near 20% of assessed value (rate set annually by the City Council).

Typical Annual Property Tax — Queens ZIPs 2026

Ranges reflect typical recent DOF assessments for Class 1 properties. Long-held homes often sit below these ranges; recently sold homes trend toward the top.

Why the Neighbor's Bill Differs from Yours

• Assessment cap. A neighbor who bought in 1995 may have an assessed value 40% below market; a new buyer's home reassesses more aggressively over time
• Exemptions. STAR, Enhanced STAR, Senior Citizen Homeowners Exemption (SCHE), Disabled Homeowners Exemption (DHE), Veterans Exemption [2]
• Class change. Converting a 1-family to a 2-family changes how the property is assessed
• Abatements. Co-op/condo abatement, J-51, 421-a (where applicable to your building)

Exemptions You Should Claim

Basic STAR

Primary-residence homeowners earning under $250,000 federal adjusted gross income receive a STAR benefit [2]. New applicants receive a check (STAR credit); long-standing recipients may receive a direct exemption on the bill.

Enhanced STAR

Homeowners 65+ with income below the annually-updated cap receive a larger benefit — apply through the NY Department of Taxation and Finance.

SCHE & DHE

Senior and disabled homeowners with limited income can receive a 5–50% property tax reduction on Class 1 primary residences [3].

Veterans

Wartime service members and eligible spouses can apply for the Veterans Exemption [4].

When You Can Challenge Your Assessment

The DOF publishes Tentative Assessment Rolls in January each year. Class 1 property owners have until March 15 (typically) to file a challenge with the NYC Tax Commission. This is called tax grievance. See our dedicated guide: How to Appeal Your Queens Property Tax Assessment.

Related Reading

Rate, assessment, and exemption rules change. Verify with NYC DOF and NYS Taxation & Finance for your property and tax year. Informational only; not legal or tax advice.