Which tax class would likely apply to a property used as a factory?

In New York City, properties are classified for tax purposes into four distinct tax classes. A property utilized as a factory falls into Tax Class 4. This class typically encompasses most commercial and industrial properties, including manufacturing facilities, warehouses, and other similar buildings that do not qualify as a residence.

Tax Class 4 properties are subject to different assessment rates and taxation rules compared to residential properties, which fall into Tax Classes 1, 2, and 3. For instance, Tax Class 1 primarily includes one- to three-family homes, while Tax Class 2 is assigned to residential properties with more than three units and certain other types of residential developments. Tax Class 3 pertains primarily to utility properties, which are not relevant to a factory operation.

Understanding these classifications helps in assessing the property taxes levied on different types of real estate in New York City, ensuring that businesses and property owners are aware of their tax obligations specific to their property's use.