Valuation / Assessment

Valuation/Assessment/Tax
Notice of Property Value

Each January Finance mails New York City property owners a Notice of Property Value (NOPV). The notice shows the information that Finance has about each property, including building size, lot size, tax class, construction year, etc., as well as Finance's estimate of the property's market value. The notice explains how your property's estimated market value is established and how that market value determines your property tax.

Fiscal Year 2011 (FY11) NYC Tentative Assessment Roll
Individual Assessment Information
Tentative Assessment Roll FY11 Statistical Summary
Assessment Roll Guidelines
FY11 Assessment Year Cost Guidelines
Frequently Asked Questions (FAQs)
Annual Notice of Property Value Brochure
Finance Department's FY11 Tentative Assessment Roll
Published Press Release (1/15/10)
Assessment Guidelines and Archives
Forms and Publications
Related Links

Fiscal Year 2011 (FY11) NYC Tentative Assessment Roll
The Tentative Assessment Roll is available as a free download in two file formats: a compressed .zip file requires an extraction utility such as WinZIP, and a self-extracting .exe file FOR PC USERS ONLY. Both files contain the .mdb database file which requires Microsoft Access or a compatible database program.

FY11 Database Files by Tax Class (as of 1/15/10)	Compressed .zip file	Self-Extracting .exe file
Tax Class 1	79.7M	79.7M
Tax Classes 2, 3 and 4	45.2M	45.3M
Condensed Roll Tax Classes 1-,2-,3- and 4	58.3M	58.3M

Data Dictionary containing field codes and descriptions (56k) This file provides information on each field as well as descriptive data.

Assessment Roll Archives Contains Assessment Roll database files from previous years.

Estimating Market Value
There are three approaches to determining property value - Sales comparison, Cost, and Income capitalization.

Rolling Sales Update
Finance’s Rolling Sales File breaks down property sales information into several criteria so buyers and sellers can understand the value of real estate in New York City. Users can determine what properties in each borough are being sold for based on criteria we included in our file.

Property Assessment and Tax Definitions
How a property's market value is used to calculate its annual tax assessment.

Condominium and Cooperative Comparable Rental
Income
Finance is required by State law to value personal use condominiums or cooperatives like they were rental apartments.

Property Data Updates and Assessment Review Requests
Property owners can file an appeal with the Tax Commission if they believe the taxable value, exemption or tax class listed in their notice is incorrect. The Tax Commission can not change your market value.

Glossary
Listing of assessment-related terms

Statements of Assessment Procedure
Finance procedures that guide property assessors who evaluate property.

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Frequently Asked Questions (FAQs)

Is the market value of my home correct?
Can I protest my market value or assessment?
Can my assessment go up if my market value goes down?
Why did the market value of my income-producing property rise by so much?
Can I estimate what my property tax will be next year?
Is the tentative assessment roll subject to change?
Why did my exemption change?
How can I obtain more information about my property?

IS THE MARKET VALUE OF MY HOME CORRECT?
We value 1-, 2- and 3-family homes each year based on sales of similar properties sold in the last three years. Therefore, if you purchased your home several years ago, the market value may have changed significantly. We determine the market value regardless of whether you plan to sell your home. You can go online to nyc.gov/neighborhoodsales to compare your market value with recent sales information in your neighborhood. If you believe we have valued your property incorrectly, please see instructions on page 1 of the Notice of Property Value brochure.

CAN I PROTEST MY MARKET VALUE OR ASSESSMENT?
If you believe we have valued your property incorrectly, check to see whether we have described your property correctly. Is the square footage right? Number of floors? If we made a mistake, please let us know by following the directions in WHAT TO DO IF YOU THINK WE VALUED YOUR PROPERTY INCORRECTLY. Your assessment is a percentage of the market value, which Finance calculates based on State law. The Tax Commission, cannot change market value. Please see the instructions on page 1 of this brochure.

CAN MY ASSESSMENT GO UP IF MY MARKET
VALUE GOES DOWN?
Yes. For residential properties with fewer than 11 units, assessed values may take several years to catch up with market value growth because of the State’s limit on assessment increases. (Visit HOW FINANCE DETERMINES YOUR ASSESSMENT ). For other properties, assessed value increases are phased in over five years. For this reason, it is possible for your assessment to go up even when the market value decreases.

WHY DID THE MARKET VALUE OF MY INCOME-PRODUCING PROPERTY RISE BY SO MUCH?
If you were legally required to file a Real Property Income and Expense (RPIE) form and failed to do so in each of the last two years, your market value and assessment may have risen significantly. For properties that failed to provide this information, we estimated the market value based on income and expenses filed by owners of similar properties. Although the deadline to file an RPIE was September 2, 2009, owners may provide this information electronically, and Finance will consider the submitted information if filed by April 23rd, 2010.

CAN I ESTIMATE WHAT MY PROPERTY TAXES WILL BE NEXT YEAR?
Yes, you can estimate your taxes. (Visit CALCULATING YOUR PROPERTY TAXES ).

IS THE TENTATIVE ASSESSMENT ROLL SUBJECT TO CHANGE?
Yes. For example, Finance may adjust exemption benefits when we learn of changes in eligibility criteria. Finance is also authorized to increase or decrease tentative assessments during limited periods beginning January 15th if we made a mistake. If we change your assessment, Finance will send you a Revised Notice of Property Value.

WHY DID MY EXEMPTION CHANGE?
It depends on the kind of exemption. If your income increased, your exemption benefits may be reduced, or you may no longer be eligible to receive an exemption that has an income requirement. The State certifies a new income requirement for Enhanced STAR, the Senior Citizen Homeowners’ Exemption (SCHE), and the Disabled Homeowner’s Exemption (DHE) every year. Also, New York State lowered the STAR exemption amount.

HOW CAN I OBTAIN MORE INFORMATION ABOUT MY PROPERTY?
Finance maintains detailed descriptive information on every property. Much of this information appears on Finance’s web site at nyc.gov/propertytaxes. You can view ownership information online at nyc.gov/acris for properties in all boroughs except Staten Island.

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What to do if you think we valued your property incorrectly

Class 1 ONLY: If the descriptive information about your property is incorrectly shown on your Notice, Class 1 homeowners should file Finance’s Request to Update Property Data for Class 1 Homes by April 23rd so that any changes are reflected in the assessment roll. Property information changes may not affect Finance’s estimate of market value or the assessed value of your property. If you believe that the market value of your property is incorrect, homeowner’s should file Finance’s Request for Review - Tax Class 1.
Classes 2 and 4 ONLY: If the tax class, gross income, gross expenses, or gross square footage shown on your Notice is incorrect, Class 2 and 4 owners may file Finance’s Request for Review of Property Value form by April 23rd.
Vacant Land ONLY - If the descriptive information is incorrect, file Finance’s Request to Update Vacant Land Property Data Form by April 23rd so that it is reflected in the assessment roll. Changes in your property information may affect Finance’s estimate of market value or the assessed value of your property. Please visit nyc.gov/updatepropertydata to find these forms or call 311 (outside the five boroughs, call 212-639-9675).
Tax Commission Appeals – ALL Tax Classes: If you believe the tax class, assessed value, or exemption shown on your Notice is wrong, you should file an application for correction with the NYC Tax Commission by March 1st (Classes 2, 3, and 4) and March 15th (Class 1 only). Your application must be received by the deadline because the law does not permit an extension.

The Tax Commission can change your tax class, reduce your assessment, or adjust the exemption. You do not need an attorney to file with the Tax Commission, and you are not required to attend a personal hearing (unless you wish to do so). The Tax Commission cannot change your market value. If you think your market value is incorrect, contact Finance.

Class 1 ONLY: The amount of your tax is based on is the assessment divided by 6% (.06). If you can prove that your property would sell for less than this amount, you should file an appeal of the assessment using Tax Commission Form TC108. See bottom of page 1 of your Notice of Property Value statement.

Calculating Your Property Taxes
To estimate your annual tax bill, take the numbers shown below from the Notice of Property Value and follow the instructions.

Calculating Your Property Taxes		Example - A Class 1 Property	Your Property
1. Enter the Taxable Value from the Notice		$16,000
2. Enter the Tax Rate for your Tax Class (see below)		X .17088 (17.088%)	X
3. Multiply Taxable Value by the Tax Rate		$2,685.92
Tax rates change every year. The number above is only an estimate of the tax you will owe if the tax rate remains the same.
Tax Rates:
Class 1: 17.088%	Class 2: 13.24%	Class 3: 12.743%	Class 4: 10.426%
Veteran's Exemption: Homeowners with a Veteransʼ Exemption are required to pay a tax to support public schools. For example, if your Veterans’ Exemption is $2,500, you pay the following tax to support schools:
Class 1: 9.469% $236.73	Class 2: 7.367% $184.18	Class 3: No Exemptions $0	Class 4: 5.808% $145.20

Special Information for Homeowners with Fewer than 11 Units

Use the chart below to determine if you should file with the Tax Commission or Finance. The Tax Commission can only change your assessment, not your market value.
	EXAMPLE 1-3 Units	EXAMPLE 4-10 Units	Your Property
1. What do you think your property would sell for?	$400,000	$750,000
2. Multiply what you think your property would sell for by the assessment ratio for your Tax Class – 6% for 1-3 units or 45% for 4-10 units.	X.06 $24,000	X.45 $337,500
3. Enter the actual assessed value that appears on your Notice.	$22,000	$350,000
4. If Line 3 is greater than Line 2, file with the Tax Commission. If Line 3 is less than Line 2, file a Request for Review.
Before you file with the Tax Commission, read Form TC600 – How to Appeal a Tentative Assessment. These instructions (and application forms) can be obtained on the Tax Commission’s website at or at any Finance Business Center. You may also call 311.

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Residential Property Tax Exemptions and Abatements

If you own a house, a condominium, or a co-op, and it is your primary residence, you qualify for at least one property tax exemption that will lower your tax bill. This is called Basic STAR (“School Tax Relief”). You may also qualify for other tax reductions, and can submit one form to apply for SIX of these tax reduction programs – THE EXEMPTION & ABATEMENT APPLICATION FOR OWNERS.

How much can you save? It is impossible to say exactly how much you will save. However, if you look at the following example, you will see how these programs can lower your tax bill:

If the assessed value of your 1-family house is:	$15,000
You would multiply by the tax rate for all 1-family homes:	x 17.088%
Your tentative tax for theyear would be:	$2,563

If you qualify for the Basic STAR

This lowers your assessed value to:	$13,800
Multiplied by the same tax rate:	x 17.088%
Your tax for the year would now be:	$2,358
You would save:	$210/per year

If you qualify for a 10% Senior Citizen Homeowners Exemption (SCHE), you would also qualify for Enhanced STAR benefits:
SCHE lowers your assessed value to:	$13,500
And Enhanced STAR lowers your assessed value (an additional $2,770) to:	$10,730
Multiplied by the same tax rate:	x 17.088%
Your tax for the year is now:	$1,834
Your total yearly savings would be:	$729/per year

Additional Information
How to Appeal a Tentative Assessment

Forms and Publications

"Annual Notice of Property Value" Brochure
Download English Brochure (50k)
Download Chinese-Language Version (1.4M)
Download Russian-Language Version (835k)
Download Spanish-Language Version (775k)

Request for Condominium Re-allocation Affidavit
Download Affidavit

Request for Review of Property Value
(for Class 1 properties)
Download Form

Request for Review of Property Value
(for Class 2 and 4 properties)
Download Form

Request to Update Property Data
(for Class 1 Homes)
Download Form

Request to Update Vacant Land Data
Download Form (40k)