please see information:
You can calculate exactly what your January and April bills will be as described below. For Fiscal 2011-2012, we could actually see REDUCED assessments due to the phase-in; the property tax abatement program for qualifying home owners in NYC cooperatives and condominiums is in place for fiscal 2012.

Despite the down economy, this year’s property tax assessment actually consists of 20% of the assessment change for Fiscal Year 2010-2011, which may be lower to reflect current conditions, 20% of the assessment change for the Fiscal Year 2009-2010, when market conditions were quite dismal, 20% of the assessment change for the Fiscal Year 2008-2009, developed based on a snapshot in time on January 5, 2008, when all looked rosy, 20% of the assessment change for Fiscal Year2007-2008, when times were very good, and 20% of the assessment for Fiscal Year 2006-2007 – ancient history with excellent market conditions.
. Late in June, when it adopted the budget, the City set a tax rate of 13.353% for Class 2 properties for Fiscal Year 2010-2011, a modest increase over last year’s rate of 13.241%. Here are the new rates for key classes of NYC properties.

Fiscal
2009-2010 Fiscal
2010-2011

Class 1 (1-3 family homes) 17.088% 17.788%

Class 2 (multiple dwellings) 13.241% 13.353%

Class 4 (commercial property) 10.426% 10.227%
But these rates were not established in time to be applied to our July 1st tax bills. The Department of Finance must send out those bills mid-June. Therefore, the Department of Finance applied last year’s tax rate (13.241%) to this year’s assessment on July and October 2010 tax bills. The shortfall will be made up on our January and April tax bills, which will reflect the new rate of 13.353% PLUS the additional 0.112% not billed in July and October. This should not be overlooked in budget planning .