January 15, 2021


Annual Roll Sets Tentative Values for All New York City Properties

NEW YORK, NY – Incoming Department of Finance Commissioner Sherif Soliman today announced the publication of the tentative property tax assessment roll for Fiscal Year 2022 (FY22). 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 FY22 shows the total market value of all New York City properties is $1.298 trillion, a 5.2 percent decrease from Fiscal Year 2021. Property values for FY22 reflect real estate activity between January 1, 2020 to January 5, 2021, the taxable status date, and reflect the impact of COVID-19 on property values across the City. Citywide taxable billable assessed value, the portion of market value to which tax rates are applied, fell by 3.9 percent to $260.3 billion for FY22. 

The overall decrease in market values reflects pandemic effects on the market, which were incorporated in the valuation approaches used by the Department of Finance to value properties.

“By all accounts, 2020 was an extraordinary year with a global pandemic that disrupted virtually all aspects of society,” said Incoming Department of Finance Commissioner Sherif Soliman. “New York City’s real estate market was not shielded from the pandemic’s effects on the City’s economy and values in the FY22 tentative assessment roll reflect that reality.”

The tentative roll shows significant citywide construction activity with $12.6 billion in new market value, which is consistent with the construction sector being among the NY Forward Phase One Industries that were authorized to resume operations on June 8, 2020.  Manhattan, Brooklyn and Queens combined accounted for 85.4 percent of overall construction activity in the City, while Staten Island registered the highest percent increase in construction activity among the boroughs at 1.2 percent.


Class 1 (1-3 family homes)
  • The total market value rose by 0.8 percent citywide to $662.9 billion. Of this increase, 85 percent is attributable to market forces.

  • Assessed values rose by 5.3 percent to $23.2 billion. Class 1 homes in the Bronx had the greatest percent increase in market value, at 2.6 percent, while Queens had the greatest percent increase in assessed value, up 5.4 percent; Staten Island and Brooklyn followed closely at 5.3 percent and 5.25 percent, respectively.

Class 2 (cooperatives, condominiums and rental apartment buildings)
  • The total market value fell to $320 billion in FY22, decreasing by $27.6 billion, or 8 percent. Market forces caused a decline of $32.2 billion, but the decline was partially offset by increases attributable to new construction and physical improvement.

  • The total assessed value decreased by 0.4 percent, to $102.1 billion. Brooklyn experienced the least market value percent decline for Class 2, at 5.2 percent, and the largest taxable billable assessed value percent increase at 3.2 percent. 

  • Class 2 rentals saw a market value decline of 9.8 percent. Class 2 cooperatives and condominiums saw a market value decrease of 10.2 percent and 7.6 percent, respectively.

  • The total assessed value decreased by 2 percent for Class 2 rental apartments. Brooklyn had the least market value decrease at 5.6 percent and largest taxable billable assessed value increase at 2.3 percent for rental apartments.

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 $40.9 billion.

Class 4 (commercial properties)
  • The total market value decreased by 15.7 percent citywide to $274.6 billion. The decline is mainly attributed to market forces, which accounted for a decrease of $58 billion. Staten Island had the least percent decline in market value, at 8.7 percent.

  • Total assessed values fell by 9.6 percent, to $116.8 billion. Commercial properties in the Bronx saw the least decline in assessed value, at 0.2 percent. 

  • Office buildings experienced a decline of 15.6 percent in market values. Retail buildings and hotels registered a market value decline of 21.1 percent and 22.4 percent, respectively.

  • Total assessed value for office buildings fell by 9.8 percent. Citywide retail buildings saw a 13.2 percent decline in taxable billable assessed value. The Bronx had the least decline in assessed value at 9.6 percent for retail buildings. Citywide assessed value for hotel buildings fell by 19.2 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 22.


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 March 15, 2021 in order for the benefits to take effect for FY22. Senior citizen and disabled homeowners who currently receive the Senior Citizen Homeowners’ Exemption or Disabled Homeowners’ Exemption are not required to renew their exemption this year due to the enactment of a recent state law. 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.