Contact: Press Office
Annual Roll Sets Tentative Values for All New York City Properties
New York, NY— Department of Finance (DOF) Commissioner Preston Niblack today announced the publication of the tentative property tax assessment roll for Fiscal Year 2025 (FY25). DOF 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 in mid-January. The tentative roll is available online. Property owners can also access their tentative assessment via the Property Information Portal. Members of the public who do not have Internet access can view the roll on the public computer terminals at any of DOF’s five Business Centers.
The tentative assessment roll for FY25 shows the total market value of all New York City properties is $1.491 trillion, a 0.7 percent increase from Fiscal Year 2024. Property values for FY25 reflect real estate activity between January 6, 2023, to January 5, 2024, the taxable status date, as well as income and expense information on commercial properties during calendar year 2022 and submitted to DOF in 2023. Citywide taxable billable assessed value, the portion of market value to which tax rates are applied, increased by 4.2 percent to $298.9 billion.
“This year’s tax roll demonstrates the breadth of economic trends and recovery patterns across different components of the New York City real estate market,” said Commissioner Niblack. “The decrease in single family home values is consistent with national trends, while rental building values were buoyed by continued growth in market-rate rents. Office building values grew modestly, driven largely by the perennial attractiveness of trophy and premium spaces. One positive indicator was a resurgence in construction and renovation spending after 3 years of decline.”
The tentative roll shows more citywide construction activity with $13.9 billion in new market value. Manhattan, Brooklyn and Queens accounted for 88.0 percent of overall construction activity in the city, while Bronx registered the highest percent increase in construction activity among the boroughs at 1.4 percent.
The Department of Finance sends a Notice of Property Value (NOPV) to property owners including information about market and assessed value and other property information. The NOPV gives 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 DOF. 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 25, which begins on July 1.
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, 2024 in order for the benefits to take effect for FY25.
DOF 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. If homeowners require additional assistance with exemption applications or have questions on how to apply, DOF business centers will be open until 8pm on the schedule posted here: www.nyc.gov/nopv