After decades of operating under its predecessor and nearly three years with no active program in place, New York City’s landmark real property tax abatement initiative for building upgrades—widely known as “J-51”—has been comprehensively revamped and relaunched....
The Tax Commission recently published its 2024 Annual Report. We reviewed this report in comparison to prior years to provide critical data and trends that will be invaluable for property owners navigating the appeal process throughout 2025. Below are essential...
On February 15, 2025, the New York City Department of Finance (DOF) mailed out the fourth-quarter (Q4) property tax bills for the 2024/25 tax year. The bills provide the last statements of account for the tax year for all property taxpayers in New York City. These...
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...
Property owners seeking or benefiting from residential tax exemption programs like 421-a, 485-x, or 467-m often assume that their assessed values are inconsequential since their tax liabilities are largely offset. However, even with these exemptions in place, actively...
For years, New York City’s property tax system has been a source of frustration for homeowners, renters, and businesses alike. It is widely regarded as opaque and inequitable, disproportionately benefiting some property owners while placing heavier burdens on others....
Since our previous discussion on New York City’s revival of the tax lien sale, several key developments have occurred that warrant attention. The Department of Finance (DOF) has proposed new rules aimed at refining the hardship installment payment plan, and the City...
1. Introduction This blog post summarizes the New York City Tax Commission’s updates for the 2025 filing season. It includes revised filing deadlines, changes to income and expense reporting, modifications to various Tax Commission forms, and other relevant...
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...
Local Law 97 (LL97) sets strict carbon emissions limits for many New York City buildings. Each year, the Department of Buildings (DOB) publishes a preliminary list, called the Covered Buildings List (CBL), identifying properties that appear subject to LL97. If your...