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ESTIMATE THE MARKET VALUE OF YOUR PROPERTY.New York City.
By MATHEW JOSEPH
You can do your own sales analysis from the actual sales recorded with the City of New York to arrive at an estimate of the market value. This information is available at the NYC Department of Finance website; search for Rolling Sales Data. The data is available in two formats, Excel, and PDF. The Excel format allows you to sort the data the way you want and compare your property with actual sales to arrive at an estimate of your property. These are the actual sale prices. The Department of Finance's Rolling Sales files lists properties that sold in the last twelve-month per...
TALK TO THE ASSESSOR.
By Mathew Joseph.
The New York City Department of Finance assesses your property annually to determine your property tax bill. From July to October each year, Assessors and Assistant City Assessors conduct field inspections across neighborhoods to gather data on assigned properties. These inspections ensure accurate property characteristics are recorded for correct market value estimates. It is crucial to report any discrepancies to the Assessors promptly, especially if they might lower your assessed value and thus your taxes. For instance, if a building has been demolished or property dimensions are incorrect, this should be brought to their attention.
Commercial property owners must also provide income and expense information; otherwise, Assessors may estimate based on market data, potentially leading to inaccurate assessments. Your Notice of Property Value, received in January, details the assessed value determined by...
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