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Property

Notice of Property Value

Notice of Property Value
Every January, Finance mails New York City property owners a Notice of Property Value (NOPV). This notice is important because it has information about your property ʼs market and assessed values. Finance determines your propertyʼs value every year. 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. 

Online access graphic Access your Notice of Property Value 
Brochure graphic Notice of Property Value Information Flyer
 Brochure graphicChinese NOPV Flyer 
 Brochure graphicRussian NOPV Flyer
 Brochure graphic 2012 Aviso de valor de la propiedad

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 information 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 they file 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 and that's why assessments for most properties take several years to catch up with market value increases or decreases.

Example for a one-, two-
or three-family home
Year 1Year 2Year 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 idea of what your annual tax bill might look like.
Publications graphic Understanding Taxable Value 

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. The property tax bill you will get in June will show all of your exemptions and abatements for the coming tax year. To see a list of the exemptions and abatements your property currently has, click here. To apply for a property exemption, please fill out an exemption application.

Horizontal Rule Graphic 

Related Links
Green Bullet Point GraphicAssessment Guidelines and Archives
Green Bullet Point GraphicCondominium/Cooperative Comparables
Green Bullet Point GraphicUpdate Name and Address on Notice of Value
Green Bullet Point GraphicValuation/Assessment
Green Bullet Point GraphicVisit Tax Commission Website


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