Challenging Notice of Property Value - Tax Commission

Tax Commission


Challenging Notice of Property Valuation

About the President
Staff of the Tax Commission
Challenging Notice of Property Valuation

About the President

Staff of the Tax Commission

Challenging Notice of Property Valuation


Attend a NOPV Outreach Session- You can find dates and times on the Department of Finance’s website at:

https://www.nyc.gov/site/finance/property/notice-of-property-value.page

Challenges Related to the Notice of Property Value

The Department of Finance and the Tax Commission are separate agencies. The Department of Finance (Finance) annually values all parcels of real property in the City.

The Tax Commission is an independent agency created to provide property owners with an independent review of the assessed value of their property, tax class, and exemption status determined by the Department of Finance.

Property owners receive a Notice of Property Value from Finance on or about January 15th which includes assessment information applicable to the tax year that begins July 1st and runs thought June 30 of the following calendar year. Copies of the Notice of Property Value can also be downloaded from the Finance website.

The Notice of Property Value issued by the NYC Department of Finance includes:

A description of your property including:

the size of any improvements in square feet,

the size of the land in square feet,

the number of residential units (e.g. apartments), the number of nonresidential units (e.g. stores, offices or other commercial space), and the number of floors.

The name of the property owner.

The street address.

The estimated market value of the property.

If any of the above information listed on the Notice of Property Value is incorrect, you must contact Finance (not the Tax Commission) and request that the information be corrected. Please visit:

NOPV Assistance Provided by Finance

Note that filing a request for review with finance related to any of the items listed above is not a substitute for timely filing completed Tax Commission Application For Correction.

The Notice of Property Value also includes:

The tentative Assessed Value of the property, determined by Finance.

The Tax Class of the property, determined by Finance.

Information about applicable tax exemptions (STAR, senior citizen, veteran’s, disability, clergy, J51, 421A or nonprofit).

A property owner that believes Finance’s determination of the Assessed Value and/or Tax Class for their property is incorrect, can appeal to the Tax Commission.

Similarly, if an exemption is incorrectly listed on your Notice of Property Value, or if you applied for an exemption that does not appear on the Notice, or if the Department of Finance 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 status.

How To Get Tax Commission Review

YOU MUST:

Complete and timely file an Application for Correction. All applications and instructions are available on this website. Be sure to use the correct 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, 2024:

TC106A – Senior and Disabled person exemptions

TC106CV – Clergy or Veteran’s exemptions

TC106S – STAR or Enhanced STAR exemptions

TC600PE-Personal Exemption Appeals

You must file your application by the deadline. The Tax Commission must RECEIVE your application by the applicable deadline. DEADLINES CANNOT BE EXTENDED. The filing deadlines are:

March 1st: For Tax Class Two, Three and Four properties.

March 15th: For Tax Class One properties

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.

Note also: 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 you receive a Revised Notice of Property Value dated after February 1st that increases (not decreases) the assessed value or reduces or removes an exemption, the deadline to file an application with the Tax Commission is 20 calendar days after the date of the revised notice, not the March 1 or March 15 deadlines noted above.

If the Finance Department sends you a decision about a personal exemption which is dated after May 1, you must file within 30 calendar days of the date on the notice, not the March 1 or March 15 deadlines noted above.

You may file your completed application in person or by mail. Applications are considered filed when they are received at the Tax Commission. Applications mailed to the Tax Commission that are received after the applicable deadline will not be considered. DEADLINES CANNOT BE EXTENDED.

The Tax Commission

One Centre Street, Room 2400

New York 10007

Alternatively, you can file your application at a Department of Finance Business Center location:

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

Applications filed with the Tax Commission will often require additional information that must be provided on other Tax Commission forms and filed with the Application. Read and follow all instructions carefully beginning with the instructions provided on the TC600s.

For example, if the property is income-producing (e.g., rental property) a statement of income and expenses must be filed on the CORRECT form.

TC201 is used for rental properties

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

If the assessed value of the property is $5 million or more, an accountant’s statement on Form TC309 is required.