NYC Dept of Finance Releases FY 2026 Tentative Property Tax Assessment Roll

On January 15, the New York City Department of Finance (DOF) released the Fiscal Year 2026 (FY26) Tentative Property Tax Assessment Roll, which reflects real estate activity from January 6, 2024 to January 5, 2025. According to the DOF’s press release, the total market value of all New York City properties increased 5.7% year-over-year, reaching $1.579 trillion; and the portion of market value to which tax rates are applied, or the taxable billable assessed value, increased 3.9% year-over-over yet to $311.2 billion. Other positive trends that reflect New York City’s overall economic recovery are the increase in office space conversions to residential housing, growth within the single-family home sales and values, and growth within rental property values reflected by market-rate rents. Additionally, office building values have seen modest overall gains, fueled by strong demand for premium spaces. Among the residential and commercial tax classes, Class 2 (Co-ops, condos, and rental buildings) saw the highest year-over-year increase in total market value of 7.3%, followed closely behind by the 5.8% market value increase within the Class 1 (1-3 family homes) tax class. In contrast, commercial properties (Class 4) saw a more moderate 3.8% market value growth, reaching $339.5 billion. Among the five boroughs, Brooklyn had the largest percentage increase in market value of 6.3% followed by Queens, Staten Island and the Bronx seeing 5.4%, 5.1%, and 3.9% increases respectively, while Manhattan’s market value of roughly $232.1 billion represented a year-over-year growth of 3.1% at the low.

Source:    https://www.nyc.gov/site/finance/about/press/press-release-fy26-tentative-assessment-roll.page