press-release-fy26-tentative-assessment-roll

Department of Finance


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FOR IMMEDIATE RELEASE: January 15, 2025

Contact: Press Office

DEPARTMENT OF FINANCE PUBLISHES FISCAL YEAR 2026 TENTATIVE PROPERTY TAX ASSESSMENT ROLL

Annual Roll Sets Tentative Values for All New York City Properties

Tentative Tax Roll Shows Several Positive Economic Trends, Including a Rise in Office-to-Housing Conversions, an Increase in Total Market Value of All New York City Properties, and Strong Growth in the Residential Real Estate Market

New York, NY— Department of Finance (DOF) Commissioner Preston Niblack today announced the publication of the tentative property tax assessment roll for Fiscal Year 2026 (FY26). 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.

The tentative assessment roll for FY26 shows the total market value of all New York City properties is $1.579 trillion, a 5.7 percent increase from Fiscal Year 2025. Citywide taxable billable assessed value, the portion of market value to which tax rates are applied, increased by 3.9 percent to $311.2 billion.

Market values for FY26 reflect real estate activity from January 6, 2024, to January 5, 2025, the taxable status date, as well as income and expense information for commercial properties during calendar year 2023 and submitted to DOF in 2024.

“This year’s tentative tax roll highlights New York City’s strong economic recovery, reflected in several positive trends across the city’s real estate market. Notably, total market value of all properties in New York City has increased by 5.7 percent, marking a robust rebound compared to last year’s 0.7 percent growth,” said Commissioner Niblack. “As part of the city’s overall economic recovery, we have seen an increase in office space conversions, largely attributed to the administration’s commitment to expedite office-to-housing conversion projects. At the same time, the residential real estate market has grown, with an increase in single-family home sales and values, while rental property values continue to reflect growth in market-rate rents. Additionally, office building values have seen modest overall gains, fueled by strong demand for premium spaces.”

The tentative roll shows citywide construction activity added $12.1 billion in new market value. Manhattan, Brooklyn and Queens accounted for 88.0 percent of overall construction activity in the city, with Brooklyn registering the highest percent increase in construction activity among the boroughs at 1.0 percent.

HIGHLIGHTS BY TAX CLASSES

Class 1 (1-3 family homes)

Total market value increased by 5.8 percent to $781.7 billion, driven primarily by market forces. Assessed values rose by 5.5 percent to $27.2 billion.

Class 1 homes in Staten Island had the greatest percent increase in market value, at 7.8 percent, while Queens had the greatest percent increase in assessed value, up 6.0 percent; Staten Island and Brooklyn followed closely at 5.6 percent and 5.1 percent, respectively.

Class 2 (cooperatives, condominiums and rental apartment buildings)

Total market value increased by 7.3 percent to $396.6 billion, a $27.1 billion difference from Fiscal Year 2025.

The total assessed value increased by 4.8 percent, to $120.7 billion. Brooklyn experienced the largest market value percent increase for Class 2, at 9.4 percent, and had the largest taxable billable assessed value percent increase at 10.7 percent.

Class 2 rentals saw a market value increase of 9.9 percent. Class 2 cooperatives saw a market value increase of 4.6 percent, while condominiums saw a market value increase of 5.1 percent.

The total assessed value increased by 6.4 percent for Class 2 rental apartments. Brooklyn had the largest market value increase at 15.3 percent and the largest taxable billable assessed value increase at 16 percent for rental apartments.

Class 3 (utilities and special franchise properties)

The market value for Class 3 properties, which includes property with equipment owned by a gas, telephone, or electric company, is tentatively set by the New York State Office of Real Property Tax Services at $61.1 billion.

Class 4 (commercial properties)

Citywide total market value increased by 3.8 percent to $339.5 billion driven primarily by market forces. Brooklyn had the largest percent increase in market value at 6.3 percent.

Total assessed values increased by 2.9 percent, to $135.9 billion. Commercial properties in Brooklyn saw the largest increase in assessed value, at 7.1 percent.

Office buildings experienced an increase of 2.7 percent in market value. Retail buildings and hotels registered a market value increase of 2.5 percent and 5.9 percent, respectively.

Total assessed value for office buildings increased by 2.0 percent. Citywide retail buildings saw a 1.1 percent increase in taxable billable assessed value. Brooklyn had the largest increase in assessed value at 3.2 percent for retail buildings. Citywide assessed value for hotel buildings increased by 0.2 percent.

CHALLENGING ASSESSED VALUES

DOF 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 3 the deadline for Class 1 property owners is March 17. Forms and information are available on the Tax Commission’s website.

Owners who believe that DOF 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 DOF gathers about abatements, exemptions and other adjustments. In June, DOF will use the final roll to generate property tax bills for FY 26, which begins on July 1.

PROPERTY TAX BENEFIT PROGRAMS

DOF administers several abatement and exemption programs for qualifying homeowners to help lower their property tax bill, including the Senior Citizen, Veterans, Disabled, Clergy or STAR Exemption Programs. New applications for these benefits must be received by March 17, 2025, in order for the benefits to take effect for FY26.

DOF also offers payment plans that allow you to pay your property taxes over time, instead of paying the full amount all at once. To determine the best payment plan for you, use the payment plan screening tool. Failure to pay your taxes can put you at risk of the debt being sold and even foreclosure. If you are unable to pay your full property tax bill, to avoid having your debt sold, you may enter into a payment plan.

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.

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