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Annual Roll Sets Tentative Values for All New York City Properties

Partial Economic Recovery Reflected in Rising Values Compared to FY 2022; But Commercial Properties Remain Largely Below Pre-Pandemic Values

New York, NY—Department of Finance Commissioner Preston Niblack today announced the publication of the tentative property tax assessment roll for Fiscal Year 2023 (FY23). The Department of Finance is required to determine market and assessed values for all properties in New York City annually and issue a tentative property tax assessment roll each year on January 15. The tentative roll is available online. Members of the public who do not have Internet access can view the roll on the public computer terminals at the City Register’s office in the Manhattan Business Center, located at 66 John Street.

The tentative assessment roll for FY23 shows the total market value of all New York City properties is $1.398 trillion, an 8.2 percent increase from Fiscal Year 2022. Citywide taxable billable assessed value, the portion of market value to which tax rates are applied, increased by 8.1 percent to $277.4 billion. Property values for FY23 reflect real estate activity between January 6, 2021, and January 5, 2022, the taxable status date. FY23 values increased from last year but remain below FY21 values for many properties, because the City's economy is still feeling the impact of the pandemic.

“The past year has seen an uneven recovery in our city’s economy, which is reflected in the FY23 tentative assessment roll,” said Department of Finance Commissioner Preston Niblack. “Office and retail leasing activity and hotel occupancies have picked up in recent quarters, but overall office occupancy remains down, and the lack of workers and visitors means that retail stores and hotels continue to suffer. In contrast, the residential market is showing signs of a rebound, with prices and rents rising again.”

The roll reflects citywide construction activity, with $9.2 billion in new market value. Manhattan, Brooklyn, Queens accounted for 83.5 percent of overall construction activity in the city, while The Bronx registered the highest percent increase in construction activity among the boroughs at 1.1 percent.

For summary statistical information on the roll, including comparisons to the FY21 and FY22 final rolls, click here.


Class 1 (1-3 Family Homes)

  • Total market value rose by 6.7 percent citywide to $706.8 billion. Of this increase, 98.6 percent is attributable to market forces, reflecting strong sales activity after last year’s pandemic-related pause.
  • Assessed values rose by 4.8 percent to $23.9 billion. Class 1 homes in the Bronx had the greatest percent increase in market value, at 8.7 percent, while Staten Island had the greatest percent increase in assessed value, up 5.4 percent; Brooklyn and the Bronx followed closely at 5.1 percent and 4.9 percent, respectively.

Class 2 (Cooperatives, Condominiums, and Rental Apartment Buildings)

  • The total market value registered $346.9 billion, an increase of $27.8 billion, or 8.7 percent, from Fiscal Year 2022.
  • The total assessed value increased by 7.2 percent, to $108.5 billion. Manhattan experienced the lowest market value percent increase for Class 2, at 6.3 percent; Brooklyn experienced the highest taxable billable assessed value percent increase at 11.7 percent.
  • Class 2 rentals saw a market value increase of 11.7 percent. Class 2 cooperatives and condominiums saw a market value increase of 9.5 percent and 7.7 percent, respectively.
  • The total assessed value increased by 8.6 percent for Class 2 rental apartments. Manhattan had the least market value increase at 8.2 percent and Queens had the highest taxable billable assessed value at 13.5 percent for rental apartments.
  • Total Class 2 market value remained slightly below its FY2021 level, down 0.22 percent.

Class 3 (Utilities and Special Franchise Properties)

  • The market value for Class 3 properties, which includes property with equipment owned by a gas, telephone, or electric company, is tentatively set by the New York State Office of Real Property Tax Services at $43.6 billion.

Class 4 (Commercial Properties)

  • Total market value increase by 11.7 percent citywide to $300.8 billion. Manhattan had the smallest percent increase in market value, at 10.3 percent.
  • Class 4 market value remains 7.7 percent below its FY21 level, down $25.2 billion.
  • Total assessed values increased by 10.0 percent, to $125.6 billion. Commercial properties in Manhattan saw the smallest increase in assessed value, at 8.7 percent.
  • Office buildings experienced an increase of 11.6 percent. Retail buildings and hotels registered a market value increase of 11.9 percent and 5.3 percent, respectively.
  • Total assessed value for office buildings increased by 9.4 percent. Citywide retail buildings saw an increase of 10.1 percent in taxable billable assessed value. Manhattan had the least increase in assessed value at 8.1 percent for retail buildings. Citywide assessed value for hotel buildings increased by 5.2 percent.


The Department of Finance sends a Notice of Property Value (NOPV) to property owners including information about market and assessed value and other pertinent information. The NOPV and assessment roll give property owners the opportunity to review their tentative assessments and file a challenge to their property’s assessment with the New York City Tax Commission, an independent City agency, before the assessment roll is finalized in May. 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 to Update with the Department of Finance. Filing a Request to Update 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 the Department of Finance gathers about abatements, exemptions, and other adjustments. In June, the Department of Finance will use the final roll to generate property tax bills for FY 23.


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, 2022, for the benefits to take effect for FY23. To receive updates about the SCHE and DHE program, including in regards to the Governor’s Executive order 11.1 that authorized localities to adopt a resolution to allow automatic renewals, please subscribe at:

DOF also hosts numerous events to help homeowners understand their tax bills, including outreach sessions conducted jointly with the Tax Commission. A full calendar of events can be found on DOF’s website.