Commercial property taxes in NYC, by neighborhood

What the 1,207 large office, retail and industrial buildings Leasemark tracks pay in property tax, from the Department of Finance's 2026/27 assessment roll: 1,105 are taxed and 102 are fully exempt. Per square foot of floor area, neighborhood by neighborhood, before abatements.

Median, all taxed
$11.80 a SF
Manhattan median
$14.56 a SF
Highest neighborhood
Times Square, $21.97 a SF
Estimated yearly tax
$6.5 billion across 1,105 buildings
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NYC Department of Finance

Neighborhoods ranked by median tax per square foot

The median estimated yearly tax per square foot of floor area across each neighborhood's taxed large buildings, highest first. Each links to the neighborhood's own tax section with its largest bills. Not ranked, with fewer than 5 taxed large buildings: Park Slope and Washington Heights.

  1. 1Times Square$21.97 a SF
    14 taxed · middle half $14.45 to $29.28 · $193.5 million a year
  2. 2Meatpacking$21.69 a SF
    12 taxed · middle half $20.40 to $25.45 · $128.8 million a year
  3. 3Union Square$20.74 a SF
    25 taxed · middle half $16.41 to $27.62 · $118.2 million a year
  4. 4Midtown$19.72 a SF
    229 taxed · middle half $14.67 to $25.17 · $2.83 billion a year
  5. 5Grand Central$17.39 a SF
    58 taxed · middle half $14.44 to $21.37 · $595.4 million a year
  6. 6Flatiron$17.32 a SF
    37 taxed · middle half $12.09 to $22.94 · $203.8 million a year
  7. 7SoHo$17.17 a SF
    36 taxed · middle half $14.80 to $21.61 · $193.5 million a year
  8. 8Upper West Side$15.53 a SF
    11 taxed · middle half $9.49 to $20.69 · $68.8 million a year
  9. 9NoHo$13.85 a SF
    6 taxed · middle half $13.06 to $14.40 · $16 million a year
  10. 10Hudson Yards$13.47 a SF
    18 taxed · middle half $8.94 to $15.57 · $137.6 million a year
  11. 11Murray Hill$12.88 a SF
    21 taxed · middle half $7.70 to $15.56 · $102.4 million a year
  12. 12Midtown South$12.77 a SF
    81 taxed · middle half $10.82 to $15.33 · $323.7 million a year
  13. 13Harlem$11.56 a SF
    12 taxed · middle half $9.96 to $12.12 · $23.4 million a year
  14. 14Chelsea$10.97 a SF
    10 taxed · middle half $7.50 to $13.36 · $18.6 million a year
  15. 15Garment District$10.73 a SF
    90 taxed · middle half $7.44 to $14.07 · $389.1 million a year
  16. 16Dumbo$10.68 a SF
    15 taxed · middle half $9.85 to $13.16 · $45.8 million a year
  17. 17Tribeca$10.60 a SF
    11 taxed · middle half $9.17 to $17.25 · $103.4 million a year
  18. 18Hell's Kitchen$10.53 a SF
    15 taxed · middle half $7.61 to $12.47 · $80.1 million a year
  19. 19Williamsburg$9.96 a SF
    7 taxed · middle half $4.94 to $14.42 · $10.7 million a year
  20. 20Downtown Brooklyn$9.89 a SF
    45 taxed · middle half $7.17 to $11.73 · $104.7 million a year
  21. 21Financial District$9.69 a SF
    83 taxed · middle half $8.38 to $11.06 · $535 million a year
  22. 22Upper East Side$8.70 a SF
    5 taxed · middle half $7.09 to $11.09 · $11.4 million a year
  23. 23Flushing$8.20 a SF
    15 taxed · middle half $4.00 to $10.01 · $21.2 million a year
  24. 24Gowanus$7.70 a SF
    17 taxed · middle half $5.61 to $9.17 · $15.4 million a year
  25. 25Red Hook$6.50 a SF
    13 taxed · middle half $5.05 to $8.79 · $14.8 million a year
  26. 26Astoria$6.46 a SF
    5 taxed · middle half $4.21 to $6.80 · $2.85 million a year
  27. 27Greenpoint$6.42 a SF
    15 taxed · middle half $3.83 to $8.17 · $13.6 million a year
  28. 28Jamaica$5.86 a SF
    23 taxed · middle half $4.54 to $7.33 · $15.3 million a year
  29. 29South Bronx$5.55 a SF
    32 taxed · middle half $3.58 to $7.15 · $19.6 million a year
  30. 30Long Island City$5.52 a SF
    79 taxed · middle half $3.77 to $7.19 · $114.9 million a year
  31. 31Bushwick$5.41 a SF
    40 taxed · middle half $4.49 to $7.04 · $21.1 million a year
  32. 32Sunset Park$4.74 a SF
    14 taxed · middle half $3.57 to $5.74 · $20.8 million a year
  33. 33Hunts Point$4.25 a SF
    9 taxed · middle half $3.87 to $6.12 · $6.85 million a year

By borough and building type

Median estimated tax per square foot of floor area, with the number of taxed buildings behind it. Types are shown where at least 5 taxed buildings of that type back the number.

BuildingsMedianMiddle half
Manhattan, all (775)$14.56$10.83 to $20.49
Manhattan office (741)$14.69$11.04 to $20.56
Manhattan industrial (21)$7.49$6.99 to $8.70
Manhattan retail (13)$15.49$12.96 to $36.73
Brooklyn, all (167)$7.17$4.90 to $10.28
Brooklyn office (80)$10.04$7.47 to $11.92
Brooklyn industrial (80)$5.22$3.74 to $6.97
Brooklyn retail (7)$7.99$6.84 to $11.71
Queens, all (122)$5.67$3.87 to $7.34
Queens office (54)$6.70$4.67 to $8.64
Queens industrial (58)$4.72$3.71 to $6.30
Queens retail (10)$7.80$4.93 to $9.70
Bronx, all (41)$5.28$3.70 to $7.11
Bronx office (12)$6.37$5.61 to $8.48
Bronx industrial (26)$4.06$3.42 to $5.85

What it means for rent

  • In a building at the Manhattan median, property tax works out to about $14.56 a year for every square foot of the building, before abatements. Office asking rents are quoted per rentable square foot a year, so that is a rough sense of the tax inside the rent.
  • A net lease adds the tenant's share of the tax to base rent. A gross lease includes a base year's taxes and passes the tenant's share of increases through as additional rent.
  • Office buildings carry more tax per foot than industrial ones in all 4 boroughs with enough of both, because the city values them higher: $14.69 against $7.49 in Manhattan, $10.04 against $5.22 in Brooklyn, $6.70 against $4.72 in Queens and $6.37 against $4.06 in the Bronx.
How taxes show up in gross and net leases

Largest estimated tax bills

  1. General Motors Building, 761 Fifth Avenue$85.6 million
    $46.90 a SF · market value $1.84 billion · Midtown
  2. 270 Park Avenue$74.6 million
    $36.38 a SF · market value $1.53 billion · Midtown
  3. 1250 Avenue of the Americas$63.8 million
    $30.05 a SF · market value $1.39 billion · Midtown
  4. 1221 Avenue of the Americas$59.8 million
    $22.70 a SF · market value $1.28 billion · Midtown
  5. 111 Eighth Avenue$57.6 million
    $26.63 a SF · market value $1.26 billion · Meatpacking
  6. One Vanderbilt Avenue, 51 East 42nd Street$56.2 million
    $33.51 a SF · market value $1.34 billion · Grand Central
  7. 388 Greenwich Street$55.8 million
    $23.71 a SF · market value $1.14 billion · Tribeca
  8. 1251 Avenue of the Americas$53.9 million
    $30.07 a SF · market value $1.14 billion · Midtown
  9. Empire State Building, 338 Fifth Avenue$53.4 million
    $18.99 a SF · market value $1.28 billion · Midtown South
  10. Radio City Music Hall, 1260 Avenue of the Americas$51.9 million
    $18.97 a SF · market value $1.06 billion · Midtown

Fully exempt buildings

102 of the 1,207 buildings owe no property tax on the roll (62 in Manhattan, 21 in Brooklyn, 12 in Queens and 7 in the Bronx), and 120 more have part of their value exempt. The largest by floor area:

Owners as the roll records them. Exempt properties can still owe charges or payments in lieu of taxes.

How the estimate is figured

Every number on this page follows the same four steps. Here they are for 1270 Broadway, a Manhattan office building whose tax per square foot is close to the citywide median.

1. Market value set by the city$29,980,000
2. Assessed value, 45% of market$13,491,000
3. Taxable value, phased in, after exemptions (none here)$12,801,600
4. Times the Class 4 rate, 10.848%$1,388,718
Per SF of floor area (117,650 SF)$11.80
  • Changes in Class 4 assessments phase in over five years, and the bill uses the lower of the full assessment and the phased-in value. 884 of the 1,105 taxed buildings here are taxed on a phased-in value below their full assessment.
  • With no exemption and no phase-in, the tax comes to 4.88% of market value (45% times 10.848%). The median here is 4.64%.
  • Abatements such as ICAP and payment-in-lieu-of-taxes agreements are not on the roll, so a real bill can be lower. Treat these as estimates, not bills.

Questions about NYC commercial property taxes

How much is commercial property tax per square foot in NYC?

Across the 1,105 large commercial buildings Leasemark tracks that pay property tax, the median estimated tax on the Department of Finance's 2026/27 roll is about $11.80 per square foot of floor area a year, with the middle half between $7.42 and $17.84. By borough: Manhattan $14.56, Brooklyn $7.17, Queens $5.67 and the Bronx $5.28. That is before abatements such as ICAP.

What is the commercial property tax rate in NYC?

Commercial buildings are Class 4. The Class 4 rate is 10.848% of taxable assessed value for tax year 2025/26, the latest year the city lists. Class 4 property is assessed at 45% of the market value the Department of Finance sets, so a building with no exemption and no phase-in pays about 4.88% of that market value a year before abatements. Most pay less: assessment changes phase in over five years and exemptions cut the taxable value, so the median across the buildings Leasemark tracks is about 4.64% of market value.

Which NYC neighborhood has the highest commercial property taxes?

Per square foot of floor area, Times Square (median $21.97), the Meatpacking District (median $21.69) and Union Square (median $20.74) lead among the 33 neighborhoods with at least 5 taxed large buildings. The lowest are Hunts Point ($4.25), Sunset Park ($4.74) and Bushwick ($5.41). The tax follows the city's market value, so it runs highest where office towers are valued highest.

Which buildings pay the most property tax in NYC?

Among the large commercial buildings Leasemark tracks, the largest estimated bills on the 2026/27 roll are General Motors Building, 761 Fifth Avenue (about $85.6 million a year), 270 Park Avenue (about $74.6 million a year) and 1250 Avenue of the Americas (about $63.8 million a year). All 1,105 taxed buildings come to about $6.5 billion a year before abatements.

How many commercial buildings in NYC are exempt from property tax?

Of the 1,207 large commercial buildings Leasemark tracks, 102 are fully exempt on the 2026/27 roll and 120 more have a partial exemption. Full exemptions are common for government, nonprofit and payment-in-lieu-of-taxes properties; exempt properties can still owe charges or payments the roll does not show.

Do commercial tenants pay property tax in NYC?

Not to the city, but usually through the lease. In a net lease the tenant pays its share of the building's taxes on top of base rent. In a gross or modified gross lease the taxes of a base year are inside the rent and the tenant pays its share of increases over that year. Separately, tenants in Manhattan south of 96th Street paying $250,000 or more a year in rent owe the city's Commercial Rent Tax.

Where does this data come from?

NYC Department of Finance, Property Valuation and Assessment Data (the 2026/27 assessment roll), pulled 2026-09-29, joined by tax lot to the 1,207 large commercial buildings on Leasemark (at least 100,000 square feet of commercial space in Manhattan, 50,000 elsewhere). Each estimate is the roll's taxable value after exemptions times the Class 4 rate, divided by the building's floor area in the city's PLUTO data. It leaves out abatements, payment-in-lieu-of-taxes agreements and charges, so actual bills differ.

Source: NYC Department of Finance, Property Valuation and Assessment Data, 2026/27 roll, pulled 2026-09-29; tax rate from the Department of Finance tax rates page (tax year 2025/26, the latest listed), checked 2026-09-28. Floor areas from the city's PLUTO data. Estimates are the taxable value after exemptions times the class rate; they leave out abatements, payment-in-lieu-of-taxes agreements and charges. Large buildings only (100,000 SF and up in Manhattan, 50,000 SF and up elsewhere), not every property in the city.

Buildings

Leasing

Highest-tax neighborhoods