Queens County, NY — Property Tax Underwriting Guide
New York · Cyclical hold until revaluation
What this means for multifamily underwriting
Queens Class 2 multifamily benefits from the same NYC income-cap model as Manhattan and Brooklyn. Tax basis is stable post-acquisition and tracks income growth, not the purchase price.
Transaction type breakdown
NYC does not reassess on sale. Class 2 (4+ unit multifamily) value is set annually via income capitalization, not the purchase price.
Refinance has no effect on NYC Class 2 assessed value.
Entity-level transfers and ownership changes do not trigger reassessment.
Tax appeal information
Same NYC-wide Class 2 rules apply; rate placeholder of 1.5% of market value.
Guide review
County guidance last reviewed: June 15, 2026
Tax-rate scope: Tax-rate scope is not established as parcel-specific; confirm the parcel's taxing-authority stack.
Official sources: NYC Dept of Finance
Income-cap model and growth caps are firm.
Parclio estimates are underwriting guidance, not legal or tax advice. Always verify millage rates, the seller's assessed value, and appeal deadlines with the county assessor or local counsel before relying on these numbers for a credit decision.
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