Your annual notice of property value, mailed in January, informs you of the Department of Finance’s assessment of your property for the coming tax year. The NOPV is not a bill, and no payment is required.
From this page, you can learn more about the property assessment process, access your property tax bills, challenge your assessment, update your property information, apply for tax exemptions, or get help with the NOPV.
Properties in New York City are divided into four classes. Tax class 1 includes one- to three-unit residential properties. Class 2 includes residential properties with more than three units, including coops, condos, and apartment buildings. Classes 3 and 4 are mostly utility and commercial properties.
The Department of Finance values and assesses your property every year to calculate your property tax bill. The process is complex, but essentially, it works like this:
Please note that state law limits how much some assessments can change each year. It is common for an assessment to take a few years to catch up to the market value
|Example for a One-, Two-, or Three-family home||Year 1||Year 2||Year 3|
|Actual Assessed Value||6,000||6,360||6,741|
|Assessed Value if No Limitations||6,000||9,000||8,400|
To download your property tax bills, visit our property tax bills page and select “Access Your Property Tax Bills.”
Property tax bills are mailed quarterly for homes with an assessed value of $250,000 or less, and semiannually for homes assessed at more than $250,000. Quarterly bills are due on July 1, October 1, January 1, and April 1; your bill will generally be mailed a month before its due date. Semiannual bills are mailed a month before their January 1 and July 1 due dates.
Once you receive your bill, review it carefully to ensure that you understand not only how much you owe, but where that amount comes from. If you have any questions, contact the Department of Finance or call 311.
To update the property information that appeared on page three of your NOPV, file a “Request to Update” form with the Department of Finance.
To review the property tax exemptions that are available to homeowners—including seniors, veterans, clergy members, people with disabilities, and more—in New York City, visit the property tax exemptions page. You will find eligibility information and applications.
For questions about applying for a property tax exemption, contact us by creating a customer service account with the Department of Finance.