2018 Fiscal Year Property Tax Assessments are Here
Last week, the Department of Finance released the tentative assessment rolls for FY 2018. According to the city, this represents an increase of $93 billion over FY 2017.
Here are some other key statistics from the DOF’s release:
- Market values for Class 1 properties (mostly 1-, 2-, and 3- family homes) saw an increase of 8.6% citywide
- Brooklyn saw the largest market value increase for Class 1, at 13.77%
- Class 2 market values (condos, co-ops, rental properties) rose 10.4%, or $26.6 billion
- Brooklyn also saw the greatest increase in market value here at nearly 18%
Property owners and managers must file a challenge if they want to appeal the tentative rolls. Class 2, 3, and 4 buildings must file by March 1st, and Class 1 buildings must file by March 15th. The Commission notes that appeals made after these dates will not be granted.
All challenges are submitted through the NYC Tax Commission, an independent body that reviews the building’s assessment, tax class, and exemptions. In order to win the appeal, the Tax Commission states that owners must prove that the current market value of the property is less than the effective market value (listed on the Notice of Property Value). You can view this year’s assessment challenge forms here.
If you believe the square footage/unit count is listed incorrectly, those changes can be updated with the Department of Finance. That said, a DOF Request to Update does not count as a challenge to the assessment. You can review the administrative clerical error form here.