Every property in New York City is assigned to a tax class based on the property's size and how it is used.
1-, 2-, and 3-family homes
Condo buildings that are 3 stories or less
Small stores or offices with 1-2 apartments attached
Vacant land that is zoned for residential use
Property that isn't in Class 1 and is mostly residential
Primarily residential property with 4 or more units
Co-op and condo buildings that are 4 stories or higher
Small stores or offices with 2 or more apartments attached
Property with equipment owned by a gas, telephone, or electric company
All other commercial and industrial property, such as offices and factories
Vacant land that is not zoned for residential use
All vacant land in Manhattan is classified as Tax Class 4 property, regardless of use.
In the City's other boroughs, the vacant land tax class depends on how it's used. If it's zoned for commercial use, it is taxed as commercial property. If zoned for residential use, it is taxed as residential property.
The market value is based on comparable sales of other vacant land.