Property Assessment

Notice of Property Value (NOPV)

Every January, Finance mails New York City property owners a Notice of Property Value (NOPV). This important notice has information about your property’s market and assessed values. Finance determines your property’s value every year, according to State law. The Cityʼs property tax rates are applied to the assessed value to calculate your property taxes for the next tax year. You get your first tax bill for the year in June. If you believe the values or property descriptions on the NOPV are not correct. Click here for information on what you can do. 


Market Values 
Finance values one-, two- and three-family homes based on sales of similar properties. You can compare your market value with recent sales in your neighborhood. State law requires Finance to value most condos and coops as if they were in residential rental buildings – click here to learn more. Finance values rental buildings and other commercial properties on their income-producing potential using the Real Property Income and Expense statements which must be filed each year. 
  
Can My Assessment Go Up if My Market Value Goes Down?

Yes. State law limits how much some assessments can change each year. It is common for an assessment to take a few years to catch up to the market value. 

Example for a one, two or
three family home

Year 1

Year 2

Year 3

Market Value

100,000

150,000

140,000

Actual Assessed Value

6,000

6,360

6,741

Assessed Value if No Limitations

6,000

9,000

8,400


How to Calculate your Taxable Value
You can use the information on your NOPV to get an estimate of what your annual tax bill might look like.


Exemptions and Abatements
Your NOPV lists the exemptions you have in this tax year, and may show the exemptions you will have in the coming tax year. Your June tax bill will show all of your exemptions and abatements for the coming tax year. For a list of the exemptions and abatements your property has now, click here. To apply for a property exemption you must fill out an exemption application.


NOPV Workshops & Tax Commission Public Briefings
Were held during February 2014 in every borough.