January 15, 2026Department of Finance Publishes FY2027 Tentative Property Tax Assessment Roll.

New York, NY-Acting Department of Finance (DOF) Commissioner Jeffrey Shear today announced the publication of the tentative property tax assessment roll for Fiscal Year 2027 (FY27). DOF is required to determine market and assessed values for all properties in New York City annually and issue a tentative property tax assessment roll each year in mid-January. The tentative roll is available online. Property owners can also access their tentative assessment via the Property Information Portal.

The tentative assessment roll for FY27 shows the total market value of all New York City properties is $1.659 trillion, a 5.4 percent increase from Fiscal Year 2026. Citywide taxable billable assessed value, the portion of market value to which tax rates are applied, increased by 5.6 percent to $325.8 billion.

Market values for FY27 reflect real estate activity from January 6, 2025, to January 5, 2026, the annual taxable status date, as well as income and expense information for commercial properties during calendar year 2024 and submitted to DOF in 2025.

"Citywide property values increased 5.4 percent in this year's tentative tax roll, reflecting slightly more moderate growth compared with last year's 5.7 percent rise," said Acting Department of Finance Commissioner Jeffrey Shear. "This trend reflects a solid residential market alongside continued strength in the commercial sector. Office, retail, and hotel properties all posted stronger gains than in the prior year."

The tentative roll shows citywide construction activity added $11.8 billion in new market value. Manhattan, Brooklyn and Queens accounted for 86.5 percent of overall construction activity in the city, with the Bronx registering the highest percent increase in construction activity among the boroughs at 1.2 percent.

HIGHLIGHTS BY TAX CLASSES

Class 1 (1-3 family homes)

• Total market value increased by 5.2 percent to $822.2 billion, down from the 5.8 percent increase last year, driven primarily by market forces. Assessed values rose by 4.7 percent to $28.2 billion.
• Class 1 homes in Brooklyn had the greatest percentage increase in market value, at 6.2 percent. Staten Island had the greatest percentage increase in assessed value, up 5.1 percent. Queens and Brooklyn followed closely at a 4.9 and 4.5 percent increase in assessed value, respectively.

Class 2 (cooperatives, condominiums and rental apartment buildings)

• Total market value increased by 6.9 percent to $422.4 billion, compared with 7.3 percent in the prior year, a $27.4 billion increase from Fiscal Year 2026.
• The total assessed value increased by 6.2 percent, to $126.7 billion. Brooklyn experienced the largest market value percent increase for Class 2, at 11.8 percent, and had the largest taxable billable assessed value percent increase at 11.1 percent.
• Class 2 rentals saw a market value increase of 6.4 percent. Class 2 cooperatives saw a market value increase of 4.6 percent, while condominiums saw a market value increase of 4.0 percent.
• The total assessed value increased by 6.8 percent for Class 2 rental apartments. Brooklyn had the largest market value increase at 12.0 percent and the largest taxable billable assessed value increase at 14.2 percent for rental apartments.

Class 3 (utilities and special franchise properties)

• The market value for Class 3 properties, which includes property with equipment owned by a gas, telephone, or electric company, is tentatively set by the New York State Office of Real Property Tax Services at $65.1 billion.

Class 4 (commercial properties)

• Citywide total market value increased by 4.3 percent to $349.2 billion, up from a 3.8 percent increase last year, driven primarily by market forces. The Bronx had the largest percentage increase in market value at 8.4 percent.
• Total assessed values increased by 5.8 percent, to $141.7 billion. Commercial properties in the Bronx saw the largest increase in assessed value, at 11.0 percent.
• Office buildings experienced an increase of 2.9 percent in market value, compared with 2.7 percent last year. Retail buildings and hotels registered a market value increase of 3.4 percent and 7.7 percent, respectively, compared with 2.5 percent, and 5.9 percent last year.
• Total assessed value for office buildings increased by 4.2 percent. Citywide retail buildings saw a 5.9 percent increase in taxable billable assessed value. Brooklyn had the largest increase in assessed value at 7.6 percent for retail buildings. Citywide assessed value for hotel buildings increased by 7.1 percent.

CHALLENGING ASSESSED VALUES

DOF sends a Notice of Property Value (NOPV) to property owners including information about market and assessed value and other property information. The NOPV gives property owners the opportunity to review their tentative assessments and file a challenge to their property's assessment with the New York City Tax Commission, an independent city agency, before the assessment roll is finalized in May. All properties are valued by law according to the property's condition on the taxable status date of January 5. The deadline to challenge property values for Class 2, 3 and 4 properties is March 2; the deadline for Class 1 property owners is March 16. Forms and information are available on the Tax Commission's website.

Owners who believe that DOF has incorrect property information, such as the wrong number of units or square footage, may file a Request to Update with DOF. Filing a Request to Update with DOF is not a substitute for challenging the assessed value with the Tax Commission. The final assessment roll will include any changes based on the decisions made by the Tax Commission, as well as new information DOF gathers about abatements, exemptions and other adjustments. In June, DOF will use the final roll to generate property tax bills for FY 27, which begins on July 1.

PROPERTY TAX BENEFIT PROGRAMS

DOF administers several abatement and exemption programs for qualifying homeowners to help lower their property tax bill, including the Senior Citizen, Veterans, Disabled, Clergy, and more. New applications for these benefits must be received by March 16, 2025, in order for the benefits to take effect for FY27.

DOF also offers payment plans that allow you to pay your property taxes over time, instead of paying the full amount all at once. To determine the best payment plan for you, use the payment plan screening tool. If you are unable to pay your full property tax bill, to avoid having your debt sold, you may enter into a payment plan.

DOF hosts numerous events to help homeowners understand their tax bills, including outreach sessions conducted jointly with the Tax Commission. A full calendar of events can be found on DOF's website.

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