FY 2023 Tentative Property Tax Assessment Roll Reflects Partial NYC Economic Recovery
Although remaining largely below pre-pandemic values, the Tentative Property Tax Assessment Roll for New York City’s Fiscal Year 2023 (FY23) reflects rising property values compared to FY 2022. Released by the New York City Department of Finance in mid-January 2022, the tentative assessment roll for FY22/23 that totals $1.398 trillion represents an 8.2% increase year-over-year. Class 4 properties citywide, which consists of commercial properties, have an increase in market value of 11.72% year-over-year; while Class 2 (primarily co-op, condo, and rental apartment buildings) market value of 8.71% has risen at a somewhat more moderate pace. The total tentative assessed value of Manhattan’s Class 4 properties for FY22/23 is $89.515 billion — increasing 8.65% year-over-year and representing 71.3% of the citywide Class 4 total of $125.564 billion. Within the Class 4 category, the market value of Manhattan’s office properties and office condominiums increased 9.21% year-over-year and retail properties and retail condominiums increased 8.09%.
Comparative Summary Report: https://www1.nyc.gov/assets/finance/downloads/pdf/22pdf/fy23_tentative_roll_comparative_summary.pdf