Every January, the Department of 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. The Department of 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, click here for information on what you can do.
The Department of Finance values one-, two- and three-family homes based on sales of similar properties. You can compare your market value with recent sales in your neighborhood. State law requires the Department of Finance to value most condos and co-ops as if they were in residential rental buildings – click here to learn more. The Department of Finance values rental buildings and other commercial properties on their income-producing potential using the Real Property Income and Expense statements which must be filed each year.
Yes. 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|
If you disagree with your assessed value you can file an appeal with the NYC Tax Commission. If your property description is not correct or if you have other errors on your notice, you can file a Request for Review or Request for Update with the Department of Finance. For more information visit the Challenge Your Assessment page.
Your NOPV lists the exemptions you have in this tax year, and may show the exemptions you will have in the coming tax year. Your June tax bill will show all of your exemptions and abatements for the coming tax year. For a list of the exemptions and abatements your property has now, click here. To apply for a property exemption you must fill out a Homeowner Tax Benefits Application.