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5
Assessments
If you own property, it's that time of year again
Posted Tuesday, December 26, 2023 2:49 pm
BY MATHEW JOSEPH
It is that time of the year again. By Jan. 5, the New City Department of Finance values and assesses your property every year to calculate your property tax bill.
Then the tentative assessment roll with the new market and assessed values will be published by Jan. 15. A notice of property value for each property is sent. The process is complex, but it works like this:
The Department of Finance determines your property's market value by tax class. Once your market value is established, your assessed value is calculated. The assessed value is a percentage of your market value.
The process varies depending on what type of property you own. If you receive exemptions, their value is subtracted from your assessed value to calculate your taxable value. Your taxable value is multiplied by the current tax rate for your property class. The resulting amount, minus any abatements you receive, is the amount you must pay in property taxes.
For more information about how properties are assessed, and taxes are calculated, download the property tax guides at www.nyc.gov/finance. There, you can look up information about a property, including its tax class and market value, view your property tax bills, annual notices of property value (NOPV), and other important statements.
You can also apply for tax exemptions and see which exemptions you already receive.
Your annual notice of property value, mailed in January, informs you of the Department of Finance's assessment of your property for the coming tax year. The NOPV is not a bill, and no payment is required.
If you believe the Department of Finance has made an error in determining your market value, you may submit a "Request for Review" form.
To update the property information that appeared on your NOPV, file a "Request to Update" form with the Department of Finance.
To review the property tax exemptions that are available to homeowners — including seniors, veterans, clergy members, people with disabilities and others — in New York City, visit the property tax exemptions page of www.nyc.gov/finance. You will find eligibility information and applications.
If you disagree with your assessed value, you can challenge it by appealing to the NYC Tax Commission, an independent agency that is not part of the Department of Finance. The Tax Commission can reduce your property's assessment, change its tax class and adjust exemptions.
Before filing with the Tax Commission, review your Notice of Property Value (NOPV). If it has a line called "Effective Market Value," you must prove that your current market value is less than the Effective Market Value to win your Tax Commission appeal.
The appeal deadlines are March 15 for Class 1 and March 1 for Classes 2, 3, and 4.
Appeals received after these dates will not be granted. You do not need an attorney. The necessary forms and instructions are available at the Tax Commission website.
The Tax Commission's contact information: Tax Commission, Municipal Building, 1 Centre St., Room 2400, New York, NY 10007. (212) 669-4410. www.nyc.gov/taxcommission.
The Department of Finance has offices in each borough. You can find their addresses at https://www.nyc.gov/site/finance/about/contact-us.page.
Mathew Joseph is a real estate tax consultant. He can be reached at 929-393-5773.
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