New York Mortgage Calculator 2026

Frequently Asked Questions — New York Mortgage

What is the property tax on a $380,000 home in New York?

On the New York median home value of $380,000, the annual property tax is approximately $6,536 based on the 1.72% effective rate. That works out to $545/month added to your mortgage payment. Property tax is paid to local governments and can vary within the state by county and municipality — this figure represents the statewide effective average.

What is total PITI on a $400,000 home in New York?

On a $400,000 home in New York with 20% down ($80,000), a 30-year fixed mortgage at 6.99%, and 1.72% property tax, the estimated monthly PITI is: Principal & Interest $2,127, Property Tax $573, Homeowner's Insurance ~$167, Total PITI $2,867/month.

How does New York's property tax compare to the national average?

New York's 1.72% effective property tax rate is significantly above the national average of ~1.07%. On the median New York home ($380,000), you'll pay about $206/month more in property tax than the national average homeowner. This substantially increases your total PITI payment and should be factored into your affordability calculations.

How can I lower my property tax in New York?

There are several ways to reduce your property tax bill in New York: (1) Appeal your assessment — if your home's assessed value is higher than comparable recent sales, file a formal appeal with your local assessor's office. (2) Claim exemptions — most states including New York offer homestead exemptions, senior exemptions, and veteran exemptions that reduce your taxable assessment. (3) Review your property record — errors in square footage, bedroom count, or condition can inflate your assessment. (4) Watch for assessment increases — in rapidly appreciating markets, annual increases may outpace your area's actual market. Many counties allow only a capped increase per year for owner-occupied homes.