Property tax rates in the Bronx (and New York City as a whole) are determined by a complex system of assessment ratios and class-based tax rates. The property at 3182 Spencer Dr currently has an annual tax burden of $11,181 based on an assessed value of $158,300.
Key tax considerations for Bronx owners:
Assessment Ratio: NYC assesses properties at a fraction of their market value (generally 6% for residential Class 1 properties).
Effective Rate: When accounting for assessment practices, the effective tax rate in NYC often lands between 0.9% and 1.2% of the actual market value.
Tax Class: This property is taxed as an apartment/residential unit, which is subject to specific city-wide millage rates set annually by the City Council.
Your specific tax history shows steady increases over the last decade, consistent with broader Bronx market appreciation. Because NYC taxes are based on assessed value rather than pure market value, your property taxes are less volatile than in jurisdictions where assessments track 1:1 with market fluctuations.