Challenging Notice of Property Valuation

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Challenging Your Notice of Property Value

The Notice of Property Value is issued by the NYC Department of Finance.

It includes:
1. A description of your property including the size of the property in square feet, the size of the land in square feet, the number of residential units (apartments), the number of nonresidential units (stores, offices or other commercial space) and the number of floors. 2. The name of the owner of the property
3. The street address  
4. The estimated market value

If any of the above information is incorrect, you have to contact the NYC Department of Finance to get it corrected.  Please visit: www1.nyc.gov/site/finance/taxes/property-forms/property-forms-assessments-and-valuations.page

The Notice of Property Value also includes:
5. The assessed value
6. The tax class

IF YOU BELIEVE THE ASSESSED VALUE OR TAX CLASS IS INCORRECT, YOU CAN APPLY TO THE TAX COMMISSION FOR A REVIEW OF THOSE ITEMS.

The Notice of Property Value also includes:
7. Applicable exemptions (STAR, senior citizen, veteran’s, disability, clergy, J51, 421A or nonprofit)

If you believe the exemption listed is incorrect, or you applied for an exemption that does not appear on the notice or if the Department of Finance has sent you a notice that an exemption has been denied, removed or reduced, you can apply to the Tax Commission for a review of the exemption.

WHAT IS THE TAX COMMISSION?

The Tax Commission is a City agency separate from the Department of Finance created to give property owners an independent review of the assessed value of their property and related items as set by the Department of Finance.

HOW DO I GET A TAX COMMISSION REVIEW?

YOU MUST:

1. Complete and file an Application for Correction. All applications and instructions are available on this website

Be sure to use the right application form:
• TC108 FOR VALUATION CLAIMS FOR ALL TAX CLASS 1 PROPERTIES
• TC101 FOR VALUATION CLAIMS FOR TAX CLASS 2 OR 4 PROPERTIES, OTHER THAN CONDOMINIUM UNITS
• TC109 FOR VALUATION CLAIMS FOR CONDO UNITS IN TAX CLASS 2 OR 4
• TC106 FOR CLAIMS RELATING TO TAX CLASSIFICATION AND NONPROFIT AND COMMERCIAL (e.g. J51, 421-a) EXEMPTIONS


NOTE: If you are filing Form TC106, you must include all valuation claims on that form.
The following forms will be available after March 15, 2021: 
• TC106A – Senior and Disabled person exemptions
• TC106CV – Clergy or Veteran’s exemptions
• TC106S – STAR or Enhanced STAR exemptions

2. You must file your application by the deadline.

How to file:
You can file in person or by mail to:

• THE TAX COMMISSION OFFICE AT ONE CENTRE ST., ROOM 2400, IN MANHATTAN

• DEPARTMENT OF FINANCE BUSINESS CENTERS IN EACH BOROUGH:
Bronx  - 3030 Third Avenue (East 156th Street): Business Centre 2nd Floor  
Manhattan - 66 John Street (William Street): Business Center 2nd Floor
Brooklyn - 210 Joralemon Street Business Center
Queens - 144-06 94th Avenue (Sutphin Blvd): Business Center 1st Floor
Staten Island - 350 St. Marks Place (Hyatt St.): Business Center 1st Floor

The filing deadlines are:
MARCH 1st, FOR TAX CLASS 2, 3 AND 4 PROPERTIES.
MARCH 15th, FOR TAX CLASS 1

NOTE: The filing deadline for the personal exemption forms is MAY 31st, but if you want the Tax Commission to review the assessed value also, you must separately file the application form for the value claim by the March 1st, or March 15th deadline.


The Tax Commission must RECEIVE your application by the deadline.

THESE DEADLINES CANNOT BE EXTENDED.

FILING A REQUEST FOR REVIEW WITH FINANCE IS NOT A SUBSTITUTE FOR FILING A TAX COMMISSION APPLICATION FOR CORRECTION.

If you are requesting a change in the tax class, the deadline that applies is the deadline for the tax class on the Notice of Property Value, not the tax class you are asking for.

DEADLINE EXCEPTIONS:

  • If the Finance Department sents you a Revised Notice of Property Value dated after February 1st that INCREASES the assessed value or REDUCES OR REMOVES an exemption, you can file your application after the March 1st or March 15th deadline but the Tax Commission must receive your application no later than 20 calendar days after the date of the revised notice.
    NOTE: The extended deadline does not apply if the Revised Notice of Property Value reduced the assessed value or added or increased an exemption.
  • If the Finance Department sends you a decision about a personal exemption which is dated after May 1, 2021, you must file within 30 calendar days of the date on the notice.


3. All other required forms must be filed.
  • If the property is income-producing (e.g., rental property) a statement of income and expenses must be filed on the CORRECT form.

  • TC201 – rental properties

  • An accountant’s statement on Form TC309 may also be required IF THE ASSESSED VALUE IS $5 MILLION OR MORE

  • TC203 – cooperatives and condominiums (if the condo board is the applicant)

 

SEE TC600 FOR MORE INFORMATION ABOUT OTHER REQUIREMENTS AND OTHER FORMS THAT YOU MAY HAVE TO FILE.