In Queens County, New York (Queens County, NY metro), 1–4 unit investment properties carry an average effective property tax rate of 0.91% and landlord hazard insurance averaging $680 per $100K of coverage. At a median 1–4 unit acquisition price of $780,000 and Form 1007 market rent of $5,200/mo, a 75% LTV DSCR loan models at 1.08x DSCR ($4,828/mo total PITIA).
Statutory county assessor periodic revaluation; underwriters use post-acquisition projected tax bill (typically 85%–100% of purchase price × county millage rate).
NYC Tax Class 1/2 + NY CEMA Mortgage Tax Reduction Eligible
NY Mortgage Recording Tax (1.80%–2.80% depending on county and loan size) — eligible for 40%–70% reduction via NY CEMA (Consolidation, Extension, and Modification Agreement) on refinances.
Request CEMA assignment from existing lender to save $8,000–$22,000+ in NY mortgage recording tax.
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