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.
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.