New York City Releases 2022/23 Tentative Property Tax Assessment Roll

January 18, 2022

The New York City Department of Finance has released the 2022/23 Tentative Assessment Roll today, January 18, 2022. Taxpayer’s may view their real property assessment online at New York City Department of Finance and selecting “View Property Tax Bill”. Next, enter either the property address or the Borough/Block Lot. Finally, scroll to the link on the left side of the screen, “2022-2023 Tentative”. A paper copy of the Notice of Property Value shall be mailed within the next few days. Please contact Brett Gottlieb if you have any questions regarding your property’s new assessment and how it impacts your property tax benefits.

2022/23 TRENDS

The Tentative Tax Roll is highlighted by sharp increases in market value across all Tax Classes:

• Class 1 (1-3) Family homes market values increased by 6.7% to $706.8 attributed to strong sales activity as New York City rebounded from the pandemic.

• Class 2, which includes residential cooperatives, condominiums and rental apartment buildings, increased in market value of by 8.7% to $346.9 billion. Class 2 rental market values increased by 11.7%, cooperatives increased by 9.5% and condominiums increased by 7.7%. The market value of Class 2 remains .22% below pre-pandemic levels.

• Class 4 commercial properties increased on average in market value by 11.7% to $300.8 billion. The market value of Class 4 properties remains 7.7% below pre-pandemic levels. Office buildings experienced an increase of 11.6%. Retail buildings and hotels registered a market value increase of 11.9% and 5.3%, respectively.

Please note: Commercial and residential properties (excluding hotels) with a pending application for certain property tax exemptions in the course of construction are entitled to a building value of zero if the property is not ready for occupancy prior to April 15th within any of the first three years of construction. Please advise Brett Gottlieb if the in-progress building was improperly assessed. The deadline to file a Request for Review with the New York City Department of Finance is April 1, 2022.

Brett J. Gottlieb at +1 212 592 1455 or [email protected]

© 2022 Herrick, Feinstein LLP. This alert is provided by Herrick, Feinstein LLP to keep its clients and other interested parties informed of current legal developments that may affect or otherwise be of interest to them. The information is not intended as legal advice or legal opinion and should not be construed as such.