NYC Property Tax Assessed Values for 2025/26

by | Jan 17, 2025 | Industry Updates, NYC Property Tax

The NYC Department of Finance (DOF) released the tax year 2025/26 tentative assessment roll on January 15, 2025. Citywide market value reached $1.579 trillion (up 5.7% over last year), the first time total value has exceeded $1.5 trillion. Taxable billable assessed value also set a record, topping $300 billion (now $311.2 billion, up 3.9%).

Below are several key highlights:

  • Office Sector: Despite continued high vacancy in older or less desirable buildings, DOF increased market values for Manhattan office buildings by 1.21% overall, including Trophy +1.36%, Class A +1.46%, Class B +0.78%, Other Class +1.11%, and Condo Office +2.29%.
  • Residential: Citywide residential co-ops and condos generally rose, driven by Manhattan (co-ops +5.34%, condos +4.61%). Manhattan residential rentals surged +6.61% (regulated +6.18%, unregulated +6.80%).
  • Declines: Only a few sectors saw decreases, including Bronx residential condos at -4.04%.

 

Finding Your New Assessment:

  • Go to NYC Department of Finance, do a BBL Search. Enter your borough, block, and lot. Under “Market Values & Assessments,” click 2025–2026 Tentative to see your new assessment. Compare to 2024–2025 Final for last year’s figures, and view the 2025–2026 NOPV to see how DOF valued your property.

Challenging Assessed Values:

  • The Tax Commission application filing deadline is March 3, 2025 (two extra days this year) for Classes 2, 3, and 4; and March 17 for Class 1. All properties are valued by law according to their condition as of January 5, 2025.
    DOF will publish the final assessment roll in May, and use those values on the June tax bills for payment due July 1, 2025.

Next Steps:

  • Tax certiorari clients of Rosenberg & Estis will soon receive their Tax Commission forms from Ben Williams, who leads our Property Tax Department.
  • If you are not currently a property tax client but would like to discuss your 2025/26 assessments or potential protests, please contact Ben Williams at [email protected] or (212) 551 1246. He can review the new valuation, discuss appeal strategies, and help you assess whether filing makes sense.

We look forward to helping you navigate these record-high assessments. If you have questions or want to strategize about potential tax savings, please reach out to your trusted R&E attorney or Ben Williams directly, who authored the above industry alert.