NYC Property Tax Assessed Values for 2026/27

The NYC Department of Finance (DOF) released the tax year 2026/27 (FY27) tentative assessment roll on January 15, 2026. Citywide market value reached $1.659 trillion (up 5.4% over last year), and taxable value rose to $325.8 billion (up 5.6%). DOF also reported $11.8 billion of new market value added due to construction activity.

Below are several key highlights:

• Multifamily Residential (Tax Class 2): DOF reported tax class 2 market value increased 6.9% to $422.4 billion (rentals +6.4%, co-ops +4.6%, condos +4.0%). Citywide changes due to market forces only (excluding construction): unregulated residential rentals increased +4.29% and regulated residential rentals increased +0.49%; co-ops increased +4.21%, and condos +2.48%.

• Commercial (Tax Class 4 – office, retail, hotel): DOF reported tax class 4 market value increased 4.3% to $349.2 billion, driven primarily by market forces. DOF reported market value increases of +2.9% for office, +3.4% for retail, and +7.7% for hotels. Based on DOF roll summary metrics for market forces only (excluding construction), office market value increased +2.02% citywide, including Manhattan trophy office buildings at +3.92% with an average tax of $23.67 per square foot.

Finding Your New Assessment:

• Taxpayers can check their 2026-2027 Tentative assessments and Notices of Property Value (NOPV) on DOF’s website. Using DOF’s website, we recommend searching by BBL (borough, block, and lot). Under “Market Values & Assessments,” select 2026-2027 Tentative to view the new values, and compare them to 2025-2026 Final for last year’s figures. The 2026-2027 NOPV provides detail on how DOF valued the property.

Challenging Assessed Values:

• For tax class 2 and tax class 4 properties, the Tax Commission filing deadline is March 2, 2026. All properties are valued by law according to their condition as of the January 5, 2026 taxable status date. DOF will publish the final assessment roll in May 2026, and will use those values to generate property tax bills in June for FY27 which begins July 1, 2026.
• If owners believe DOF has incorrect property-description information, such as the wrong number of units or square footage, DOF has a separate review process; however, this is not a substitute for filing a Tax Commission application challenging value.

Next Steps:

• Tax certiorari clients of Rosenberg & Estis will soon receive their new assessments and any recommended 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 2026/27 tentative assessment or whether a protest is advisable, please contact Ben Williams at [email protected] or (212) 551-1246. We 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.