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.
Access your Notice of Property Value
Notice of Property Value Information Flyer
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 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 idea of what your annual tax bill might look like.
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.
Related Links
Assessment Guidelines and Archives
Condominium/Cooperative Comparables
Update Name and Address on Notice of Value
Valuation/Assessment
Visit Tax Commission Website
