What is tax Class 2b in nyc?

Class 2 properties include rental buildings, condominiums and cooperatives. All are valued as if they are income producing properties. There are variations in how we determine your Market Value depending on whether you live in a larger condo or co-op with 11 units or more, or a smaller building with 10 units or fewer.

What is Class 2 property nyc?

Class 2 includes residential properties with more than three units, including cooperatives and condominiums. Market values are calculated differently for each tax class. For information about how market values are determined for class 1, 3, and 4 properties, visit

What is a class one property?

Class 1 property means property owned or controlled by a state agency concerning which there are no encumbrances or deed restrictions that limit the exploration or drilling for oil or gas on the property.

What is a Class 1 property in NYC?

Class 1: Most residential property of up to three units (family homes and small stores or offices with one or two apartments attached), and most condominiums that are not more than three stories.

How is property defined in law?

Property, an object of legal rights, which embraces possessions or wealth collectively, frequently with strong connotations of individual ownership. In law the term refers to the complex of jural relationships between and among persons with respect to things.

What are the different classes of property taxes in New York?

property tax classes Properties in New York City are divided into four classes, each valued and assessed differently under the law. Class 2 includes residential properties with more than three units, including cooperatives and condominiums.

How are Class 2 properties valued in New York?

N.Y. State Law mandates that we value all Class 2 properties as income producing, based on their income and expenses. This means that when you see the Market Value that we assign to your property, it may not look like what you would expect its sales price to be.

What kind of property is a Class 2 property?

What is the agricultural class code in NY?

Property Class Codes Agricultural (100-190) 105 = Agricultural Vacant Land (Productive) 110 = Livestock and Products 111 = Poultry and Poultry Products: eggs,chickens, turkeys, ducks and geese 112 = Dairy Products: milk, butter and cheese 113 = Cattle, Calves, Hogs 114 = Sheep and Wool 115 = Honey and Beeswax 116 = Other Livestock: donkeys, goats