New York City Increases Property Tax Assessments for 2019/20
On January 15, 2019, the New York City Department of Finance published the tentative assessment roll for the upcoming 2019/20 tax year.
Citywide Full Market Value growth slowed to its smallest increase in three years: 5.76%. Nevertheless, Taxable Assessed Value, upon which taxes are based, had its largest increase in three years: 8.34%. Brooklyn led the way as the only borough in three years with double-digit Taxable Assessed Value growth, 11.14%, in part due to the phasing-in of the past five years of assessments. According to Finance, the average Manhattan condo apartment will have taxes just under $20,000. Hotel values per square foot dropped over 4%. Meanwhile, Retail values increased 9%.
Property owners can challenge their assessments by filing applications with the New York City Tax Commission. The filing deadline for most properties is March 1, 2019.
The Department of Finance based these assessments on the market value and condition as of the taxable status date of January 5, 2019. Market values for most properties were based on taxpayers’ 2017 income and expenses, adjusted to reflect market conditions and interest rates.
The 2019/20 tax year begins on July 1, 2019, and runs through June 30, 2020. We expect the Department of Finance to publish the final roll on May 25, 2019, and send the first tax bills in early June 2019.