Feb 08, 2025
Every January, the City of New York releases its tentative tax roll, detailing the Department of Finance’s (DOF) valuations for properties across the five boroughs. These valuations form the basis for property tax bills issued in June. For fiscal year 2026 (FY26), the big takeaway is that the total market value of NYC properties has jumped by 5.7%, reaching $1.579 trillion. That’s a significant leap compared to the barely-there 0.07% growth in FY25.
According to the DOF Commissioner, this spike reflects a strong residential market and an uptick in office-to-residential conversions.
Perhaps the most surprising finding is that NYC’s office market may be turning a corner, with a 2.7% increase in total market value for office buildings.
These big-picture trends are made up of thousands of individual property valuations, and each property tells its own story. For property owners, this means it’s crucial to review your property’s assessed value on the DOF website and determine if the valuation aligns with your expectations.
If your property’s valuation seems too high, you have until March 1, 2025, to file a challenge. Given the complexity of the process and the potential tax savings at stake, it’s worth consulting with an experienced attorney or tax professional to assess your options.
The numbers are clear: NYC’s real estate market is experiencing robust growth, but that growth impacts every property differently. Whether you’re a homeowner, a landlord, or a commercial property owner, now’s the time to take a close look at your valuation and plan your next steps.
For help navigating these changes, don’t hesitate to reach out—we’re here to help you understand the market and protect your investment.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
