Department of Finance Commissioner Preston Niblack today announced the publication of the tentative property tax assessment roll for Fiscal Year 2024 (FY24).
The Department of Finance is required to determine market and assessed values for all properties in New York City annually and issue a tentative property tax assessment roll each year on January 15, 2023.
The tentative roll is available online.
Members of the public who do not have Internet access can view the roll on the public computer terminals at the City Register’s office in the Manhattan Business Center, located at 66 John Street.
The tentative assessment roll for FY24 shows the total market value of all New York City properties is $1.479 trillion, a 6.1 percent increase from Fiscal Year 2023. Property values for FY24 reflect real estate activity between January 6, 2022, to January 5, 2023, the taxable status date.
Citywide taxable billable assessed value, the portion of market value to which tax rates are applied, increased by 4.4 percent to $286.8 billion.
“New York City continues to show mixed signs of growth and economic recovery, with the FY24 tentative property assessment roll reflecting improvements in subsectors of the residential market while key commercial sectors still lag behind pre-pandemic levels despite modest growth over the past year,” said Department of Finance Commissioner Preston Niblack. “The decline in office occupancy continues to impact retail stores and hotels in the city contributing to the sector’s slow recovery. At the same time, single family homes, which constitute a majority of residential properties, have exhibited a robust recovery and continued growth.”
The tentative roll shows stable citywide construction activity with $8.8 billion in new market value.
Manhattan, Brooklyn and Queens accounted for 80.0 percent of overall construction activity in the City, while The Bronx registered the highest percent increase in construction activity among the boroughs at 1.6 percent.
Highlights By Tax Classes
Class 1 (1-3 family homes)
- The total market value rose by 8.3 percent citywide to $ 765.0 billion. Of this increase, 98.6 percent is attributable to market forces.
- Assessed values rose by 6.0 percent to $ 25.1 billion. Class 1 homes in Staten Island had the greatest percent increase in market value, at 12.1 percent, while Brooklyn had the greatest percent increase in assessed value, up 6.3 percent; Queens and Staten Island followed closely at 6.1 percent, respectively.
Class 2 (cooperatives, condominiums and rental apartment buildings)
- The total market value accounted to $ 351.0 billion, an increase by $3.0 billion, or 0.9 percent from Fiscal Year 2023.
- The total assessed value increased by 3.1 percent, to $ 111.7 billion. Manhattan experienced a decline in market values for Class 2, at 1.5 percent; while Bronx experienced the highest taxable billable assessed value percent increase at 11.6 percent.
- Class 2 rentals saw a market value increase of 0.3 percent. Class 2 cooperatives and condominiums saw a market value increase of 0.5 percent and 5.1 percent, respectively.
- The total assessed value increased by 1.6 percent for Class 2 rental apartments. Manhattan had a market value decrease at 3.1 percent and Bronx had the highest taxable billable assessed value increase at 11.3 percent for rental apartments.
Class 3 (utilities and special franchise properties)
- The market value for Class 3 properties, which includes property with equipment owned by a gas, telephone, or electric company, is tentatively set by the New York State Office of Real Property Tax Services at $45.4 billion.
Class 4 (commercial properties)
- The total market value increase by 7.4 percent citywide to $317.2 billion. Queens had the smallest percent increase in market value, at 5.3 percent.
- Total assessed values increased by 5.2 percent, to $ 129.7 billion. Commercial properties in Manhattan saw the smallest percent increase in assessed value, at 4.7 percent.
- Office buildings experienced an increase of 7.1 percent in market value. Retail buildings and hotels registered a market value increase of 5.4 percent and 9.7 percent, respectively.
- Total assessed value for office buildings increased by 4.4 percent. Citywide retail buildings saw a 4.0 percent increase in taxable billable assessed value. Bronx had the smallest increase in assessed value at 1.5 percent for retail buildings. Citywide assessed value for hotel buildings increased by 7.8 percent.
Challenging Assessed Values
The Department of Finance sends a Notice of Property Value (NOPV) to property owners including information about market and assessed value and other pertinent information. The NOPV and assessment roll give property owners the opportunity to review their tentative assessments and file a challenge to their property’s assessment with the New York City Tax Commission, an independent City agency, before the assessment roll is finalized in May. All properties are valued by law according to the property’s condition on the taxable status date of January 5. The deadline to challenge property values for Class 2, 3 and 4 properties is March 1; the deadline for Class 1 property owners is March 15. Forms and information are available on the Tax Commission’s website.
Owners who believe that the Department of Finance has incorrect property information, such as the wrong number of units or square footage, may file a Request to Update with the Department of Finance. Filing a Request to Update with DOF is not a substitute for challenging the assessed value with the Tax Commission. The final assessment roll will include any changes based on the decisions made by the Tax Commission, as well as new information the Department of Finance gathers about abatements, exemptions and other adjustments. In June, the Department of Finance will use the final roll to generate property tax bills for FY 24.
Property Tax Benefit Programs
The Department of Finance administers several abatement and exemption programs for qualifying homeowners, including the Senior Citizen, Veterans, Disabled, Clergy or STAR Exemption Programs. New applications for these benefits must be received March 15, 2023 in order for the benefits to take effect for FY24. DOF also hosts numerous events to help homeowners understand their tax bills, including outreach sessions conducted jointly with the Tax Commission. A full calendar of events can be found on DOF’s website