Every January, Finance mails New York City property owners a Notice of Property Value (NOPV). This important notice has information about your property’s market and assessed values. Finance determines your property’s value every year, according to State law. The Cityʼs property tax rates are applied to the assessed value to calculate your property taxes for the next tax year. You get your first tax bill for the year in June. If you believe the values or property descriptions on the NOPV are not correct.
The information in the City's computer records with respect to open petitions challenging real property tax assessments pursuant to Article 7 of the Real Property Tax Law: contains the index number and year the petition was commenced, the name of the petitioner, the name of the attorney for the petitioner, and various note of issue codes.
Actions on Applications in 2016 Reducing Assessments or Reclassifying Property. Listed here are Tax Commission actions during 2016 reducing assessments or reclassifying property. KEY: YR=Assessment year (15=2015/16; 16=2016/17); R=Reduction implemented by remission of taxes; B=Borough (1=Manhattan, 2=Bronx, 3=Brooklyn, 4=Queens, 5=Staten Island); TC=Tax Class or subclass. Classification claims. Reductions are expressed in total actual assessed value. For condominiums, actions shown are for representative lots only.
The Department of Finance (DOF) is required by NY State law to value condominiums or cooperatives as if they were residential rental apartment buildings. DOF uses income information from rental properties similar in physical features and location to the condominiums or cooperatives. DOF applies this income data to the condominium or cooperative and determine its value in the same way DOF values rental apartment buildings.
Update Schedule: Annually
Condominiums and cooperatives are valued as if they were residential rental apartments. Income information from similar rental properties is applied to determine value.
The Department of Finance (DOF) chooses similar properties to value condos and coops. Properties are selected based on a combination of factors such as: land location, income levels, building age and construction and exemptions and subsidies.