Department of Finance (DOF) Commissioner Preston Niblack today announced the agency’s annual Notice of Property Value information sessions.
DOF’s outreach staff will be joined by DOF property assessors, customer assistance specialists, and employees from the agency that conducts hearings on disputed valuations to provide an NOPV overview, help understanding property taxes, ways to save with property tax exemptions, how the Taxpayer Advocate can help resolve certain tax issues, and how to file a challenge to a property’s assessment with the Tax Commission. Additionally, DOF business centers are offering extended evening hours (6:00 p.m. to 8:00 p.m.) to help homeowners apply for property tax exemptions or renew current benefits.
“Our NOPV information sessions provide a great opportunity for property owners to learn more about their annual property tax assessments and receive one-on-one assistance with DOF staff,” said Commissioner Niblack. “I am also happy to announce our business centers in the five boroughs will provide extended hours to help homeowners apply for property tax exemptions. DOF’s property tax benefit programs can help you lower your annual tax bill and save money!”
A full schedule of DOF’s 2023 NOPV information sessions and extended business center hours can be found here: www.nyc.gov/nopv.
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 by March 15, 2024 in order for the benefits to take effect for FY25.
In January, the Department of Finance sent a Notice of Property Value (NOPV) to property owners including information about market and assessed value for the coming tax year, starting on July 1, 2024, and other pertinent information. Property owners can also access their tentative assessment via the Property Information Portal and on the website.
The NOPV gives property owners the opportunity to review their tentative assessments and to file a challenge to their property’s assessment with the New York City Tax Commission, an independent City agency, if they believe their assessment is incorrect. 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 for Review, Request to Update, or Administrative Review with DOF. Filing any of these reviews 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 DOF gathers about abatements, exemptions, and other adjustments. In June, the DOF will use the final roll to generate property tax bills for FY 25.
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