Your property's value determines how much property tax you have to pay. All New York City properties are assessed and valued each year by the Department of Finance (DOF). 

Every January, property owners are mailed the Annual Notice of Property Value (NOPV), which provides the latest assessment of a property's values, including market value and assessed value. It reflects the status of your property as of January 5th of the same year and is used to calculate your property taxes for the tax year that starts in July. The NOPV isn’t a bill and doesn’t require you to respond or make a payment.

Your NOPV also:

  • Provides an estimate of your property tax for the upcoming tax year
  • Explains how property values are calculated
  • Tells you what to do if you think the information on the notice is incorrect
  • Lists dates and locations of outreach events you can attend to get help

The information in the NOPV is based on the Tentative Assessment Roll, which lists the values of all NYC properties.

Property owners should receive their NOPV and be able to view it and the Tentative Assessment Roll online in January. If you own a co-op, your management company, managing agent, or board of directors gets the NOPV for the entire building.

View your NOPV.

The value of your property, which includes the market value and assessed value, plays a key role in the calculation of your property taxes. Since your taxes are calculated by applying the tax rate to your property’s taxable value, the higher the value, the more you have to pay. Exemptions can help reduce the value of your property.

Market Value

The Department of Finance (DOF) determines your property's tax classification based on requirements set out in New York State Real Property Tax Law. Depending on the tax class, market values are determined based on an analysis of sales, income data, or the cost of reproducing the building.

  • Tax Class 1: DOF uses sale prices of similar properties in similar neighborhoods to determine market value.
  • Tax Class 2: Apartments are valued using income and expense information filed by owners or comparable income and expenses of similar buildings. Co-ops and condos are valued as if they are income-producing, based on income and expenses filed by similar rental buildings.
  • Tax Class 4: Commercial or industrial property is valued based on one of these three methods:
    • The Real Property Income Expense (RPIE) statements filed by owners annually, as appropriately adjusted
    • Comparable income and expenses filed by owners of similar properties
    • The value of the land and the cost of reproducing the building

If you need more information about the market value of your property, you can get help from the Borough Assessor's Office.

Contact the Borough Assessor.

Income-Producing Properties

The Department of Finance needs income and expense information from income-producing properties to determine the market value.

If you own an income-producing property in a Tax Class other than Tax Class 1, you’re required to file a Real Property Income and Expense Statement (RPIE) or a Claim of Exclusion, unless you are exempt by law.

Learn more about the RPIE on the Real Property Income Expense (RPIE) page.

Assessed Value

After estimating the market value, the Department of Finance calculates the assessed value by multiplying the market value by the assessment percentage. The assessment percentage is a fixed percentage of market value. For class 1 properties, it’s 6%. For class 2 and 4 properties, it’s 45%.

Assessment Increases and Decreases

New York State law limits the amount the assessed value can increase each year. As a result, if you have residential property with fewer than 11 units, its assessed value may be less than its market value.

If you have another type of property, its assessed value can increase even as its market value decreases.

Assessment increases for non-residential property are phased in over five years, and your assessed value may include the increase from a previous year. The Transitional Assessed Value on the NOPV represents the changes being phased in for the coming tax year.

When you have construction done on your property, its assessed value increases based on your tax class and the increase in market value assigned by DOF.

Exemptions

After determining the assessed value, DOF then subtracts the value of any property tax exemptions you receive, such as the Senior Citizen Homeowners’ Exemption (SCHE) or Veterans Exemption. Exemptions reduce your property’s assessed value before your taxes are calculated. A property may be partially or fully exempt depending on the amount of the exemption.  The exemption value is the amount or percentage of the assessed value that is not taxable.

The NOPV lists each exemption you were granted for the current tax year and gives the estimated change to your exemption amount for the upcoming tax year, which starts in July.

Note that the exemption amount on your actual tax bill may be different than the amount on your NOPV once the new tax year begins. For example, the law requires some exemptions to be renewed. If you received a notice informing you that you have to renew your exemption, you must do so by March 15 to continue receiving it. If you don’t renew by the March 15 deadline, DOF will remove the exemption benefit for the new tax year, even though it appears on the NOPV.

To calculate your annual property tax, the Department of Finance (DOF) follows several steps.

Step 1: Market value is determined based on your tax class and an analysis of sales, income data, or the cost of reproducing the building.

Step 2: Assessed value is calculated by multiplying the market value by the assessment percentage. The assessment percentage is a fixed percentage of market value. For class 1 properties, it's 6%. For class 2 and 4 properties, it's 45%.

Step 3: For certain properties, the assessed value will be adjusted to account for the State limit on yearly assessment increases. Tax Class 1 and smaller Tax Class 2 properties (fewer than 11 units) have annual assessment caps. Most Tax Class 2 and Tax Class 4 properties also have limitations on assessment increases. This is called the transitional assessed value.

Step 4: Property tax exemption benefits that you receive are subtracted from the assessed value or transitional assessed value, to get the taxable value.

Step 5: The taxable value is multiplied by the tax rate to get the dollar amount of your taxes.

Step 6: Abatements and other credits you receive are applied to the tax dollar amount to reduce the amount

The amount owed may also include:

  • Interest for late payments
  • Property-related charges from City or State agencies, such as sidewalk repair fees

Estimated Property Taxes

Your NOPV includes an estimate of your property taxes for the upcoming tax year. This estimate is provided for budgeting purposes. The actual amount of taxes you will owe may differ. DOF uses the taxable value from your NOPV and multiplies it by the current tax rate to determine the estimate.

Note that:

  • Exemption values may change before your final bill is calculated. If you’re required to renew an exemption and you don’t do so, the amount of taxes you owe will change.
  • The estimate is calculated using the current tax year’s property tax rates, since the upcoming tax year’s rates won’t be determined until later in the year.
  • Abatements, such as the Co-op and Condo Abatement, aren't taken into consideration in the estimate. Abatements reduce the amount of taxes that you owe and appear on your tax bills. This information is not on your NOPV.

If you disagree with the information on your Notice of Property Value, you can request an appeal, review, update, or correction.

Assessed Value, Tax Class, or Exemption Appeal

You can request an appeal with the NYC Tax Commission if you believe:

  • The assessed value (not market value) of your property is wrong
  • You were assigned to the wrong tax class
  • You were wrongly denied an exemption by the Department of Finance

To learn more, go to the Property Value Appeal page.

Market Value Review

You can file a Request for Review (RFR) if you think the market value on your NOPV is incorrect. Note that even if DOF agrees to change your market value, this isn’t likely to immediately change the amount of taxes you owe.

To learn more, go to the Property Market Value Review page.

Property Description Update

You can ask the Department of Finance to correct or update the square footage, number of units, and other descriptive information that appears on the NOPV by filing a Request to Update (RTU) application. If you are in Tax Class 1 and 4, you can also request an update to your vacant land description.

Even if DOF agrees to change your property or vacant land description, this isn’t likely to immediately change the amount of taxes you owe.

To learn more, go to the Property or Vacant Land Description Update page.

Administrative Review

If you think the Department of Finance made a clerical mistake in the amount of your property’s assessed value or market value, you can file for an administrative review for up to 6 years in the past.

If you want to challenge the latest assessed value or market value on your Notice of Property Value, requesting an administrative review isn't the best option. A Tax Commission appeal, Request for Review (RFR), or Request to Update (RTU) property data may be more appropriate.

Learn how to request an administrative review.

If your property’s value has changed since the January NOPV, the Department of Finance will mail you a Revised Notice of Property Value.

You may receive a Revised NOPV anytime between the issuance of your Notice of Property Value in mid-January and the posting of the Final Assessment Roll.

You will get the Revised NOPV if:

  • Your property value changed because you were granted an exemption or abatement.
  • Your property value changed because an exemption or abatement was removed since you are no longer eligible for it.
  • The Department of Finance (DOF) or the NYC Tax Commission made a mistake on exemptions or abatements and it was corrected.
  • Your property has been reassessed and its assessment value changed.
  • DOF or the Tax Commission decided the value was wrong.
  • Someone protested and DOF or the Tax Commission agreed to the protest.
  • You requested a review from either DOF or the Tax Commission of your NOPV data and the City agreed the original assessment or information was incorrect.

If you don't agree with the assessed value on your Revised Notice of Property Value, you have 20 days from the date of the notice to protest the assessed value with the Tax Commission.

Final Assessment Roll

The Final Assessment Roll is published at the end of May each year. It may contain property value updates with lower or higher amounts or the same amounts as those in the Tentative Assessment Roll or January Notice of Property Value.

A change in property value may be the result of:

  • Granting or removal of property tax exemptions or abatements
  • Change of market value by Department of Finance
  • Correction of assessed value by the Tax Commission
  • Change of tax class

Remissions After Final Assessment Roll

After the Final Assessment Roll is posted, if your market value or assessment is changed or your exemption is changed, denied or revoked by DOF or the Tax Commission, you will get a remission notice from DOF.

Remission notices are not posted on the DOF website, but remission notice changes will be reflected on your next property tax bill. If you want to protest the change, you have 20 days from the date of the remission notice to do so.

Along with the City’s assessment of property value, description, estimated taxes, exemptions, and other information about your property, the NOPV includes:

  • Information about what to do if you think the NOPV is incorrect
  • Dates and locations of NOPV outreach events
  • Taxpayer Bill of Rights
  • Lien Sale flyer with information about exemptions and lien sales

If you lost or never received your NOPV, you can view and print it online or request a copy by mail. Translated copies of generic NOPVs are available in Arabic, Bengali, Chinese, French, Haitian Creole, Korean, Polish, Russian, Spanish, and Urdu.

Property-Specific NOPV

Online

View your NOPV.

By Email or Mail

If you provide an email address, the copy will be emailed within 5 business days. If no email address is provided, the copy will be mailed within 5 business days.

Call 311 to request a paper copy.

Generic NOPV Copy

Online

Download a copy of a generic NOPV in ArabicBengaliChineseFrenchHaitian CreoleKoreanPolishRussianSpanish, or Urdu

By Email or Mail

If you provide an email address, the copy will be emailed within 5 business days. If no email address is provided, the copy will be mailed within 5 business days.

Call 311 to request a paper copy.

You can learn about the Annual Notice of Property Value (NOPV) and how the City assesses and values your property at a public event.

At NOPV events, you can:

  • Speak one-on-one with someone from the Department of Finance and the NYC Tax Commission
  • Ask questions about your property’s market value and assessed value
  • Learn how to dispute your property’s assessed value
  • Learn how to get your property description changed
  • Learn about exemptions and how to apply for them

Visit DOF's website for an updated list of ongoing NOPV events.

Get the list of upcoming outreach events.

Tax Classes

Every property in New York City is assigned to a tax class based on the property's size and how it is used.

Class 1
Class 2
1-, 2-, and 3-family homes

Condo buildings that are 3 stories or less

Small stores or offices with 1-2 apartments attached

Vacant land that is zoned for residential use 
Property that isn't in Class 1 and is mostly residential

Primarily residential property with 4 or more units

Co-op and condo buildings that are 4 stories or higher

Small stores or offices with 2 or more apartments attached

 

Class 3
Class 4
Property with equipment owned by a gas, telephone, or electric company 
All other commercial and industrial property, such as offices and factories

Vacant land that is not zoned for residential use 

Vacant Land

All vacant land in Manhattan is classified as Tax Class 4 property, regardless of use.

In the City's other boroughs, the vacant land tax class depends on how it's used. If it's zoned for commercial use, it is taxed as commercial property. If zoned for residential use, it is taxed as residential property.

The market value is based on comparable sales of other vacant land.

The following is a list of terms to help you understand the information and figures on the Annual Notice of Property Value (NOPV) and property tax bills.

Abatement

Abatements reduce your taxes after they've been calculated by applying credits to the dollar amount of taxes owed. Abatements aren’t listed on the NOPV, but any granted abatements will appear on your property tax bill.

Annual Notice of Property Value (NOPV)

The NOPV is mailed to property owners in New York City in mid-January. It’s not a bill and doesn’t require a response or payment. The NOPV that is mailed in mid-January reflects the status of your property as of January 5 of the same year. It is used to determine your property taxes for the tax year that starts in July.

Assessed Value

A property’s assessed value is calculated by multiplying your market value by the assessment percentage. For class 1 properties, it is 6%. For class 2 and 4 properties, it is 45%. Assessed Value can be reduced by applying exemptions.

Assessment Percentage

The assessment percentage is a fixed percentage of market value. For class 1 properties, it is 6%. For class 2 and 4 properties, it is 45%.

Effective Market Value

Your effective market value is calculated by dividing your assessed value by the assessment percentage. This is the amount you are “effectively” paying taxes on.

Estimated Property Tax

Your NOPV includes an estimate of your property taxes for the upcoming tax year. This estimate is provided for budgeting purposes. The actual amount of taxes you will owe may differ. DOF uses the taxable value from your NOPV and multiplies it by the current tax rate to determine the estimate.

Exemption Value

The exemption value is the amount or percentage of the assessed value that is not taxable as a result of any property tax exemptions you receive, such as the Senior Citizen Homeowners’ Exemption (SCHE) or Veterans Exemption. The exemption amount on your actual tax bill may be different than the amount on your NOPV once the new tax year begins.

Final Assessment Roll

The Final Assessment Roll is published at the end of May each year. It may contain property value updates with lower or higher amounts or the same amounts as those in the Notice of Property Value or the Tentative Assessment Roll in mid-January.

Market Value

Market value is the Department of Finance’s estimated value for your property or any land on the property. It’s listed on the NOPV. It’s calculated based on State-mandated statistics and your tax class. DOF analyzes data such as the recent selling prices of similar properties in your neighborhood. Similar properties are those that are close in size, style, and age to yours.

Revised Notice of Property Value

Between the issuance of your NOPV in mid-January and the posting of the Final Assessment Roll, which happens at the end of May, you may get the Revised NOPV. Reasons for getting a Revised NOPV include that your property value or assessment value may have changed, a mistake may be corrected, an appeal, request for review, or request to update may have been granted, or an exemption may have been approved, denied, or removed.

Taxable Value

Property taxes are calculated by multiplying the Taxable Value by the tax rate. DOF uses the Taxable Value from your NOPV and multiplies it by the current tax rate to estimate the property taxes you will have to pay in the upcoming year.

Tax Classes

Every property in New York City is assigned to a tax class based on the property's size and how it is used.

Class 1
Class 2
1-, 2-, and 3-family homes

Condo buildings that are 3 stories or less

Small stores or offices with 1-2 apartments attached

Vacant land that is zoned for residential use 
Property that isn't in Class 1 and is mostly residential

Primarily residential property with 4 or more units

Co-op and condo buildings that are 4 stories or higher

Small stores or offices with 2 or more apartments attached

 

Class 3
Class 4
Property with equipment owned by a gas, telephone, or electric company 
All other commercial and industrial property, such as offices and factories

Vacant land that is not zoned for residential use 

Tax Rates

Your property tax rate is used to determine the tax you owe and is based on your tax class. Rates are set annually by the New York City Council, usually in November.

The City Council adopted new property tax rates for the tax year that began on July 1, 2019, and ends June 30, 2020. The new rates will be reflected on the January 2020 property tax bill.

The rates for Fiscal Year 2019/2020 are:

Tax Class
Rate
Class 1
21.167%
Class 2
12.473%
Class 3
12.536%
Class 4
10.537%

Tax Year

Also called the fiscal year, the City’s tax year begins on June 1st and ends on July 30 every year. There are four quarters in the City’s tax year:

  • 1st Quarter: July 1 - September 30
  • 2nd Quarter: October 1 - December 31
  • 3rd Quarter: January 1 - March 31
  • 4th Quarter: April 1 - June 30

Tentative Assessment Roll

The Department of Finance (DOF) publishes the Tentative Assessment Roll in mid-January. The roll contains the assessed values of NYC properties for the next fiscal year which begins the following July 1. The information in the NOPV is based on the Tentative Assessment Roll.

Once the tentative roll is published, property owners are then given a specific period of time to request a review from DOF of their market value or correct property data errors. During this time period, property owners can also request a correction of their assessed value or challenge their property tax class or exemption denials with the Tax Commission before the Final Assessment Roll is issued in late May.

Transitional Assessed Value

Changes to the assessed value of class 2 and 4 properties are phased in over a five-year period. The transitional assessed value represents the changes being phased in for the coming tax year.

The NYC Residential Property Taxes booklet provides information for homeowners about:

  • How to pay your property tax bill
  • How property values are determined and how you can dispute your property's value
  • Exemption benefits and requirements
  • The difference between exemptions and abatements
  • The terms used on property tax bills and Notices of Property Value (NOPV)
  • How the City spends its tax dollars

You can download the guide online or request a paper copy by mail.

Tax Class 1

This guide is for 1- to 3-family homes.

Online

Download the property tax guide for Class 1.

Download the property tax guide for Class 1 in Arabic, Bengali, Chinese, French, Haitian Creole, Korean, Polish, RussianSpanish, or Urdu.

By Mail

Call 311 to request a paper copy.

Tax Class 2

This guide is for residential properties with more than 3 units, including cooperatives and condominiums.

Online

Download the property tax guide for Class 2.

Download the property tax guide for Class 2 in Chinese, Korean, Russian, or Spanish.

By Mail

Call 311 to request a paper copy.

NOPV Assistance

If you have questions about the information on your NOPV or need assistance with your property assessment or account, you can get help.

Call 311 for assistance.

 

Market Value Questions

If you have further questions about the market value of your property, you can contact the Borough Assessor's Office.

Contacting the Borough Assessor is for informational purposes only.

The Assessor does not:

  • Accept appeals for assessed value, tax class, or exemption denial. You must do this with the Tax Commission.
  • Accept requests for review of your market value. You must do this by filing a Request for Review (RFR) application with the Department of Finance.
  • Extend review or appeal deadlines.

Contact the Borough Assessor.

 

Exemption Questions

You can contact the Department of Finance for an explanation if you have questions about:

  • Why your exemption was denied
  • Why your exemption was removed
  • Why your exemption benefit was reduced
  • Why the amount of taxes you owe has gone up

However, to restore your benefit, you must appeal with the Tax Commission. Contacting DOF for an explanation doesn’t extend the deadline to file an appeal.

If you need help with SCHE or DHE issues, you can also go to an Assistance Center.

Online

Contact DOF.

By Mail

Write to:

NYC Department of Finance
Correspondence Unit
1 Centre Street, Room 2200
New York, NY 10007

By Phone

Call 311 for assistance.

In Person

You can get one-on-one help with SCHE and DHE questions or issues at an Assistance Center. You can also get help with the status of applications and exemptions on your property.

Make sure to bring all necessary documents with you. You don't need an appointment.

Manhattan Assistance Center
66 John Street, 3rd Floor (between Dutch and William Streets)
New York, NY 10038
Monday to Friday, 8:30 AM to 4:30 PM

Staten Island Assistance Center
350 St. Marks Place, 4th Floor (between Hyatt Street and Victory Boulevard)
Staten Island, NY 10301
Monday to Friday, 8:30 AM to 4:30 PM