Estimating Market Value
Finance is required by law to estimate the value of your property as of January 5th each year. Finance uses one of three approaches to value your property: sales, cost, or income. This value is the basis for the taxes you will pay in July.
- Sales: Finance
reviews
prices of similar properties that sold in the last three years to estimate
the market value for your property. This method is used most often
to value small residential properties (e.g., 1-, 2-, and 3-family homes
and vacant land).
- Income: Finance
estimates your property
value based on the income that you get for renting
your property. The income is based on information you
provide about your property, or market data. This approach is
generally used for income-producing properties, such as office
and apartment buildings. We either divide the net income by a capitalization
rate (an estimated rate of return) or we multiply the gross income
by a multiplier.
- Cost: Finance
estimates the land value and the cost of constructing, reproducing or replacing
your building. This method is used for new construction and
renovations; specialty properties, such as churches, museum and stadia;and utilities.
- Cooperatives and Condominiums: State law
requires Finance to value cooperative and residential condominium buildings as
if they were rental apartment buildings using the income approach. Finance's
value is not based on the sales price of individual co-op or condo units but on an estimate of the rent that would be charged for the units if they were rental apartments.
Related Links
Assessment Roll
Calculating Your Annual Property Taxes
Statements of Assessment Procedure
Forms and Publications
"Annual
Notice of Property Value" Brochure
Download English
Brochure
(168k)
Download Chinese-Language Version (5.69M)
Download Russian-Language Version (963k)
Download Spanish-Language Version (911k)
Request to Update Property Data
(for Class 1 properties)
Download Form (27.9k)
Request for Review of Property Tax Assessment
(for Class 2 and 4
properties)
Download Form(225.9.2k)
