The devil is in the details and there are a LOT of details when it comes to taxation.

If so, there are 20+ accountants on this site that specialize in real estate taxation.

If I took depreciation of say $4000 a year and held the property for say 5 years then 20K would be added to my income and i would pay income tax at around 22-25%  on 20K.3) Apart from the above are there any taxes on state/city level also  and if so what are they and how are they calculated. 

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation.

Covid has been a reason to outright cancel rent collection and evictions, thanks to executive order on a federal level as of this past weekend.I do NOT want this thread to turn to politics (Save it for facebook lol), but, and I'll keep this macro, we are looking at a presidential candidate and party who are increasingly villainizing landlords, floating ideas of a 25% "flip tax", and a litany of other legislation and taxation that would seemingly destroy private sector residential real estate for many of us small business owners.I have been contemplating liquidating NY assets based upon this looming potential doom and gloom.

@Matthew Johnson There are 20+ accountants on this site that specialize in real estate taxation.

Taxation on a LLC (unless you elected your LLC to be taxed as a C Corp) and S Corp is otherwise similar since they are both pass through entities. 

If so, there are 20+ accountants on this site that specialize in real estate taxation.

The legislature shallprovide for the determination of true cash value of such property; the proportion of truecash value at which such property shall be uniformly assessed, which shall not, afterJanuary 1, 1966 exceed 50 percent; and for a system of equalization of designated realand tangible personal property in lieu of general ad valorem taxation.

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation.