Late Payments

Department of Finance


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Late payments

All property tax bills have a payment due date. If your payment is not received or postmarked by the payment due date, your payment is considered late.

The Department of Finance is required to charge interest on late property taxes. The interest compounds daily, so the later you make your payment, the more interest you will owe.

As a property owner, it is your responsibility to pay your taxes on time, even if you don’t receive a property tax bill. Please make sure that we have your correct address on file so that you receive all your notices and bills. You can update your address here.

Making a partial payment

If you cannot pay online, and you mail us a partial payment, you must include the coupon that was included with your property tax bill. You can also print out your property tax bill with its coupon from our website.

If you cannot send us your coupon, be sure to write the property’s borough-block-lot (BBL) number on the front of your check.

Interest rates for late payments of property taxes

Interest rates are set annually by local law. The interest rate for a late payment depends on the assessed value of the property.

Please note that for tax class 2 properties of more than 10 units and all tax class 4 properties, interest is charged based on the property’s “actual assessed value.” Annual assessed value changes for such properties are phased in over a five-year period to generate a property’s “transitional assessed value,” which is used as part of the computation of the property’s taxable value. The actual assessed value is defined as the property’s assessed value before the phasing in of any changes or of any exemptions. To view your property’s actual assessed value, visit www.nyc.gov/nycproperty.

Interest rates:

Annual Interest Rate
Assessed Value of Property
Effective Dates

6%
Less than or equal to $250,000
July 1, 2024, through June 30, 2025

9%
Greater than $250,000 but less than or equal to $450,000
July 1, 2024, through June 30, 2025

16%
Greater than $450,000
July 1, 2024, through June 30, 2025

The sidewalk repair interest rate varies. For properties with an assessed value of more than $250,000, and for all vacant land, the annual interest rate on sidewalk repair charges is 18%. For all other properties, the annual interest rate on sidewalk repair charges is the lesser of 8.5% or the City’s cost of servicing the debt.

Payment agreements

For more information about standard Department of Finance payment agreements, visit the Payment Plans page.

The Property Tax and Interest Deferral (PT AID) Program allows eligible homeowners to defer all or part of their property tax payments or pay only a small percentage based on their income, so that they can remain in their homes. If you know someone who is struggling to pay their property taxes, please visit the PT AID page for more information.