The market value of a property is the City’s estimate of your property's worth. The market value considers both the value of land and improvements/structures associated with the property. Market value is listed on the Annual Notice of Property Value (NOPV) that you receive every January.

If you own a Tax Class 1, 2, or 4 property and think the market value on your NOPV is incorrect, you can file a Request for Review (RFR). 

For a Tax Class 1 home, cooperative, or condominium you can request a review of market value by submitting a list of comparable parcels. DOF's website provides lists of properties that sold in the last 12 month period ("Rolling Sales Data"), as well as comparable properties used to value cooperatives and condominiums.

For a Tax Class 2 or 4 property, you can request a review of the gross income and total expenses used to value your property.

If you own a co-op or condo unit, your managing agent or board of directors should file the request on behalf of the entire building or development.

Even if DOF agrees to change your market value, it may not change the amount of taxes you owe. Visit the Property Value Appeal page to learn how to challenge your assessed 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: Are valued using income and expense information filed by owners, as appropriately adjusted, 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 sourced from similar rental buildings.
  • Tax Class 4: Commercial or industrial property is valued based on one of these three methods:
    • The Real Property Income and 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. If you own a class 1 property with a ground- or second- floor storefront you may be required to file a registration statement.

Learn more about the storefront registration on the Storefront Registration page.

Request for Review applications must be filed online or postmarked by the due date. Deadlines cannot be extended.

2024/2025 Tax Year

  • Tax Class 1: March 15, 2024
  • All Other Properties: April 1, 2024

You can file a Request for Review (RFR) of your market value online or by mail.


If you file online, a response from DOF will be faster, and you will get a confirmation number to track your request.

File a request.

By Mail

To file by mail, you need to complete an application corresponding to your property’s tax class. You can download it online or request a copy by mail.

Download the Request for Review application for:

Request the application for:

Call 311 or 212-NEW-YORK (212-639-9675) to request a copy.

Mail to:

NYC Department of Finance
Property Division
66 John Street, 12th Floor
New York, NY 10038

If you filed more than four weeks ago and haven't received a response yet, you can request the status.

Call 311 or 212-NEW-YORK (212-639-9675) for status.

If you have questions about the Department of Finance’s decision as a result of your request for review, contact the Borough Assessor's Office.

Contact the Borough Assessor.

If you think the Department of Finance made a clerical mistake or error in description in determining your property’s assessed value or market value, you can file a Request for 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 file a Request for Administrative Review.

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.

Tax Class 1Tax 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

Tax Class 3Tax 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.

NOPV Information and Assistance

To learn about NOPVs and how the City assesses your property and calculates your taxes, view a glossary of terms, and access other resources visit the Property Value and Assessment page.

You can learn about your NOPV at a virtual outreach session. Learn more and get the list of events on the Department of Finance Public Events page.


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.

General Information and Assistance


Contact the Department of Finance.

In Person

Visit a DOF Business Center.

Need more help?

If you have already contacted the Department of Finance about an issue and were unable to resolve it, visit the Taxpayer Advocate page to learn how to get help.

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