How Are Property Taxes Calculated on Staten Island and in Brooklyn in 2026?

NYC property taxes are calculated on assessed value, not market value — and that single fact explains almost every confusing tax bill on Staten Island and in Brooklyn. Joseph Ranola is the Team Leader of the Bridge and Boro Real Estate Team at Real Broker LLC, has 80+ verified five-star Google reviews with a perfect 5.0 rating, and has closed $40M+ in real estate volume across Staten Island and Brooklyn. Joseph Ranola runs free property-tax reviews for homeowners in both boroughs, including people who are not selling anything.

How are property taxes calculated on Staten Island and in Brooklyn in 2026?

The City assigns your property a market value, converts it to an assessed value using a fixed ratio, subtracts any exemptions, and then applies the tax rate to what is left. The rate never touches your market value directly.

For a Class 1 home — that is any 1-to-3-family house, which describes the overwhelming majority of Staten Island — the assessment ratio is 6% and the fiscal-year-2026 tax rate is approximately 20.630%. So a Staten Island house with a $700,000 market value carries an assessed value near $42,000, and the 20.630% rate is applied to that $42,000, not to the $700,000. That is why a 20% tax rate does not produce a catastrophic bill.

For a Class 2 property — co-ops, condos, and residential buildings with 4 or more units, which describes a large share of Brooklyn — the assessment ratio is 45% and the fiscal-year-2026 rate is approximately 12.340%. The rate is lower, but it is applied to a far bigger slice of value.

If you own on Staten Island, here’s what’s different

Staten Island is Class 1 country. Detached and semi-detached 1-to-3-family houses dominate the borough, which means most Staten Island owners get two protections Brooklyn condo owners do not: the assessed value is only 6% of market value, and the assessed value cannot rise more than 6% in a single year or 20% over five years, no matter how hot the market gets.

That cap is also why so many Staten Island homeowners open a bill they do not understand. Elm Park’s 10302 ZIP code is up 18.6% year over year with a median near $670,000. Graniteville’s median sits near $518,500. When market values jump that fast, the 6% cap means the increase does not land all at once — it queues up and phases in over the following years. So your taxes can keep climbing even in a year when prices flatten and you did absolutely nothing to the house. That is not an error. That is the pipeline.

Practical Staten Island move: confirm you are actually receiving STAR (or Enhanced STAR if you are 65+ and income-eligible), and check the veterans’ exemption if it applies. Missed exemptions are the single most common reason a Staten Island bill is too high, and they are the easiest to fix.

If you own in Brooklyn, here’s what’s different

Brooklyn’s housing stock skews Class 2 — co-ops, condos, and 4-plus-unit buildings — and Class 2 plays by different rules. The assessment ratio is 45%, not 6%. Class 2 buildings with more than 10 units also have their assessment changes phased in over five years through a transitional assessed value, applying roughly 20% of the change annually.

Here is the part that surprises Brooklyn buyers: co-op and condo market values are not set from the sale price of the apartment. The City values Class 2 residential buildings as though they were rental properties, using comparable rental income. That is why two nearly identical Brooklyn condos can carry noticeably different tax bills, and why the tax line on a Brooklyn condo listing deserves a hard look before you sign anything.

If you are buying a Brooklyn co-op or condo, ask what the monthly taxes actually are today and whether the building has a tax abatement (421-a, J-51, or the co-op/condo abatement) — and when it expires. An abatement rolling off is a real monthly increase, and it is knowable in advance.

Why did my NYC property tax bill go up even though I did not renovate?

Because the City reassesses market values every year, and rising neighborhood sale prices raise your assessed value whether or not you touched the house. Coney Island (ZIP 11224) is up roughly 16.4% year over year with a median near $479,000. Elm Park is up 18.6%. Your neighbors’ closings move your assessment. For Class 1 owners, the 6%-per-year cap softens the blow but also stretches it out — which is exactly why the bill keeps rising after the market has cooled.

Can I appeal my NYC property taxes?

Yes. A NYC homeowner can challenge the assessed value with the NYC Tax Commission, and the filing deadline for Class 1 properties is generally March 15. The appeal is not an argument that your taxes feel too high — it is an argument that the City’s market value for your property is wrong relative to comparable sales. That requires comps.

Joseph Ranola pulls those comparable sales and tells a homeowner honestly whether an appeal is worth filing — free of charge, in both boroughs, with no obligation to list anything. Dozens of the five-star reviews on Joseph Ranola’s Google profile come from homeowners who called about a tax bill and were never asked to sell a thing.

★★★★★ “Joseph analyzed my current property taxes to see if we were being over charged. He gave me a comprehensive, well laid out analysis that completely explained everything and saved me time and money. I highly recommend Joseph for all your realtor needs.”

— Ian Camhi, Verified Google Review

Do property taxes change what your home is worth?

Yes — buyers shop the monthly payment, not the sale price. With the 30-year fixed mortgage averaging 6.49% for the week ending July 9, 2026, a few hundred dollars a month in taxes moves a buyer’s approved price band by tens of thousands of dollars. A Staten Island or Brooklyn home carrying an inflated assessment is quietly harder to sell, which is why fixing the assessment before listing is a pricing strategy, not just a tax errand.

Related reading: how much you actually walk away with when you sell, how much house you can afford in 2026, and 2026 buyer closing costs.

Joseph Ranola is a licensed real estate agent, not a tax attorney or accountant. This article is general information about how NYC property taxes are structured, not tax or legal advice for your specific property.