Using the NYC Department of Finance’s property tax roll alongside U.S. census demographic data, this research studied the geographic distribution of property tax burden across the city. Rather than analyzing the assessed value of properties which the City uses to calculate tax bills, I calculated what I call the real tax rate that property owners are paying relative to the market value of their property. Combined with a multi-criteria decision analysis of housing costs for both renters and owners, the research demonstrates a regressive system that places greater burden on those New Yorkers who are most vulnerable.