New York Property Taxes Hit Record Highs, Hammering Homeowners

In terms of how much homeowners pay in taxes in New York, right now is the highest point in history.

New York State has one of the highest tax burdens in the U.S.

Property Taxes Reach Record Numbers In New York

If it feels like property taxes in New York are at record highs, the numbers suggest you're not wrong, at least in terms of what homeowners are actually paying today.

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In terms of actually money leaving homeowner's bank accounts, right now (between 2024-2026) is the highest point in is the most expensive period in history.

Highest Total Dollar Amount: 2024–2026

Total local property tax levies across New York State reached a preliminary high of about $71.78 billion in 2024, and the upward trend has continued into 2025 and 2026.

Even in communities with budget caps, rapidly rising home values have pushed assessments to record levels, meaning many homeowners are seeing historically high tax bills despite limits on levy growth.

Inflation and record-high home valuations are to blame for the most expensive property bill in history.

Where New Yorkers Pay The Most On Property Taxes

Some New Yorkers are paying much more in property taxes.

Highest Effective Tax Rate: Around 2011–2012

If you measure property taxes as a percentage of a home’s value, the peak for most of New York was over a decade ago.

Before 2012, property taxes were increasing by roughly 7 percent each year, far outpacing inflation.

In 2011, many Upstate counties hit their historical ceiling in effective tax rates, which helped spark the push for the New York State Property Tax Cap.

The 2012 bill limited the annual increase to 2 percent, or the rate of inflation, whichever is lower.

Since then, effective rates have generally stabilized or slightly declined in many regions as home values rose faster than tax levies.

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