The New York City Department of Finance (DOF) recently issued its first Change by Notice (CBN)—also known as a “Revised Notice of Property Value” (RNOPV)—for the 2025/26 tax year. Below is a summary of what CBNs are, why DOF issues them, and a snapshot of the key changes reflected in this year’s first batch of updates.
1. What Are CBNs (Revised Notices of Property Value)?
CBN stands for “Change by Notice,” and it is DOF’s official way of notifying property owners of mid‐cycle changes to their tentative property tax assessments. While DOF publishes a tentative assessment roll on January 15 each year and a final roll on May 25, it has the legal authority—under NYC Charter §1512—to revise values in the interim when:
- New or corrected property information comes to light (e.g., new construction or demolition).
- Ownership or exemption statuses change (e.g., a fully exempt property moving back onto the taxable roll).
- Data errors or administrative reviews require corrections.
Whenever DOF revises a property’s assessed value or exemption after January 15 (and before the roll closes on May 25), it sends the owner a “Revised Notice of Property Value”—the very reason these changes are called “Changes by Notice.”
2. When and Why DOF Issues CBNs
Historically, DOF issues several batches of CBNs—often five rounds—spaced roughly 3–4 weeks apart between mid‐February and mid‐May. Each batch reflects DOF’s ongoing work to finalize values, capture newly reported construction, correct data, or adjust exemptions.
- Mid‐February: First round
- Mid‐March, Early April, Late April, Mid–May: Typical subsequent rounds
For 2025, the first CBN register was posted on February 12, 2025, with notices mailed on February 14. Property owners can view individual Revised Notices online in their DOF accounts.
3. Highlights from the First 2025 CBN
- Overall Scope
- 12,943 tax lots were changed in this CBN.
- Total market value (MV) change: +$677 million
- Total exemption change: +$382 million
- Total taxable value (TV) change: -$42 million
- Market Value Increases vs. Decreases
- 1,675 lots had increases in market value.
- 491 lots had decreases in market value.
- Exemption Adjustments
- 8,394 lots had changes in exemption.
- 5,070 lots saw increased exemptions; 3,324 saw reduced exemptions.
- 52 formerly fully exempt lots now have no exemption (including Long Island Jewish in Forest Hills, which moved onto the taxable roll with a +$28M taxable value increase).
- Tax Class Breakdown
-
- Class 1 (1–3 family homes; 6,912 lots):
- Market value change: +$31M
- Exemption change: +$67M
- Taxable value change: -$69M
- Class 2 (larger residential properties; 3,865 lots):
- Market value change: +$399M
- Exemption change: +$245M
- Taxable value change: -$34M
- Class 4 (commercial; 1,457 lots):
- Market value change: +$373M
- Exemption change: +$74M
- Taxable value change: +$112M
- Utility Properties (452 lots; many belonging to ConEd):
- Market value change: -$162M
- Taxable value change: -$53M
- Class 1 (1–3 family homes; 6,912 lots):
- Apportionments and New Condos
- 502 new tax lots appear on the register. These are largely newly apportioned condo units that were not on the January tentative roll.
- Largest Single Increase
- A new building in progress at 620 12th Ave in Manhattan recorded the biggest market value jump in this batch.
- Comparison to Last Year
- The first 2024 CBN (dated February 16, 2024) encompassed 30,045 tax lots—more than twice the size of this year’s initial batch.
4. Looking Ahead: Additional 2025 CBNs
Based on prior years’ schedules, expect the next CBN postings (and mailings) in roughly:
- Mid‐March (around March 13–16)
- Early April (around April 3–6)
- Late April (around April 21–23)
- Mid–Late May (around May 15–19)
Exact dates can shift, but these ranges offer a good idea of when you might see further assessment changes if DOF identifies additional data or corrections.
5. Key Takeaways for Property Owners
- Monitor Your Assessment
If you receive a Revised Notice of Property Value, review it carefully. Changes can affect your property tax liability—sometimes raising it if DOF increased the assessed value or reduced or removed a prior exemption. - Appeal/Challenge Deadline
Owners who disagree with the revised values typically have 20 days from the date of the revised notice to file for correction with the NYC Tax Commission (unless the CBN was mailed on or before February 1). Always check the appeal date on the notice itself. The regular 2025 Tax Commission application filing deadline is March 3, 2025, so receiving an RNOPV may extend the deadline if your taxable value increased. - Check Exemptions
With over 8,000 exemption changes in this first CBN alone, ensure your property has the exemptions it is entitled to. If you lost an exemption or see a discrepancy, you may need to contact DOF or refile. - Expect Ongoing Updates
DOF continuously refines the roll until it’s finalized on May 25, so additional CBNs may affect you even if you didn’t get one in the first round.
In Summary
This year’s first Change by Notice shows 12,943 lots getting updates—a combination of market value changes, partial or complete exemption adjustments, and newly created lots. The net effect on market value, exemptions, and taxable values highlights how dynamic the assessment roll can be between January 15 and May 25.
If your property appears in this CBN (or if you are simply keeping tabs on your assessment), you can find complete details on DOF’s website and in your property’s individual Revised Notice of Property Value. Watch for additional CBN releases in the coming months, and be sure to review any updated notices promptly in case you need to file an appeal or exemption application before the final roll closes.
For more details, refer to the DOF’s “Notices of Property Value” page and keep track of any new or revised postings throughout the spring. If you have questions about an increase (or decrease) in your market or taxable value, contact DOF or a property tax professional to ensure you understand the impact on your 2025/26 tax bill.
