The NYC Department of Finance (DOF) released the tax year 2024/25 tentative assessment roll on January 16, 2024. The Tax Commission application filing deadline to protest assessed values is March 1, 2024. DOF will use these values to compute taxes due July 1, 2024.
To find your new assessment, click here, click BBL Search, enter the Borough Block & Lot, and in the bottom left, under Market Values & Assessments in blue, click 2024-2025 Tentative. To compare it to the prior year, click 2023-2024 Final. To see how DOF valued your property, click Notices of Property Value (NOPV) on the left, and click the 2024-2025 notice dated January 15, 2024. Here is our video tutorial on how to look up the new assessment.
Challenging Assessed Values. The NOPV and assessment roll give 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, 2024. The deadline to challenge property values for Class 2, 3 and 4 properties is March 1.
Tax certiorari clients of this law firm will soon receive their Tax Commission forms from Ben Williams, who leads our Property Tax Department. If you are not a tax certiorari client of this law firm, feel free to contact Ben to discuss your new tax assessments and determine if protests are worthwhile.
2023 Settlements. We concluded our 2023 protest season with a median assessment reduction of 12 percent, which is higher than the Tax Commission’s historical rate of 8.5 percent. Some of our successes included $20 million reductions for a 1M-sf Midtown East office building, $6.8 million reductions for a 30-story elevator rental in Turtle Bay, $4.3 million reductions for a recently-constructed residential condominium in Gramercy and obtaining $1.6 million of property tax refunds covering four to seven prior years for a Hell’s Kitchen mixed-use building, a 6,800-sf East Village walk-up, and an alley in Flatbush.
Highlights from the new 2024/25 assessment roll:
• Tax class 2 residential rentals (over 10 units) had market value changes solely due to market forces of +1.9% citywide, including +3.47% in Manhattan and -1.69% in Queens. Brooklyn will see tax increases of +11.85% and the Bronx +7.74%. DOF increased market value solely due to physical changes of $5.7 billion.
• Tax class 2 residential co-ops (over 10 units) had market value changes solely due to market forces of +2.07% citywide, including +2.53% in Manhattan. The average Manhattan co-op unit’s tax will increase +$344 to $15,566.
• Tax class 2 residential condos (over 10 units) had market value changes solely due to market forces of +1.36% citywide, including +4.46% in Brooklyn. The average Manhattan condo unit’s tax will increase +$352 to $22,166.
• Tax class 4 office buildings had market value changes solely due to market forces of +1.78% citywide, including +3.23% for Manhattan Trophy buildings. Average Manhattan office building taxes will increase 30 cents to $16.94 psf.
• Tax class 4 hotels had market value changes solely due to market forces of +6.87% citywide, including +8.08% for Manhattan non-luxury hotels. Average Manhattan hotel taxes will increase 30 cents to $13.45 psf.
We encourage you to reach out to us to discuss your new tax assessments. Please contact your trusted R&E attorney or Benjamin M. Williams, Member and Leader of the firm’s Property Tax Department, who authored this alert.