The market value of a property is the City’s estimate of your property's worth. The assessment also considers the value of any land on 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). If you own a Tax Class 2 or 4 property, you can also request a review of your tax class, gross income, gross expenses, and gross square footage.
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, this isn’t likely to immediately change the amount of taxes you owe. To change the amount of your property taxes, you need to appeal your assessed value. Visit the Property Value Appeal page to learn how to challenge your assessed value.