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.

City Sessions
If you have questions, you can attend one of the DOF’s outreach sessions at the following dates/times:

Morning Sessions (10 a.m. to Noon)

  • Feb. 10, 2017: Staten Island – DOF Staten Island Business Center, 350 St. Marks Place, 4th floor
  • Feb. 14, 2017: Manhattan – Manhattan Municipal Building, 1 Centre Street, Mezzanine
  • Feb. 23, 2017: Brooklyn – Brooklyn Borough Hall, 209 Joralemon Street

Evening Sessions (6 p.m. to 8 p.m.)  ·

  • Feb. 13, 2017: Queens – DOF Queens Business Center, 144-06 94th Ave, 1st floor
  • Feb. 15, 2017: Bronx – DOF Bronx Business Center, 3030 Third Ave., 2nd floor
  • Feb. 16, 2017: Brooklyn – Brooklyn Borough Hall, 209 Joralemon Street
  • Feb. 22, 2017: Staten Island – Lou Caravone Community Service Building, 460 Brielle Avenue

About the Author

Kristen Hariton

Kristen Hariton is the Vice President, Product Engagement at SiteCompli, focused on exploring new solutions and innovations in property operations tech. When she's not sharing the latest industry trends, changes, and updates, she's planning her next adventure to Walt Disney World.