NYC Department of Finance Publishes FY ‘23 Tentative Property Tax Assessment Roll

Signs of a partial economic recovery for New York City are reflected in the rising values of the Fiscal Year 2023 tentative property tax assessment roll recently published by the city’s Department of Finance. Overall, the tentative assessment roll for FY23 shows a total market value of $1.398 trillion, representing a year-over-year increase of 8.2%. Although the market value of commercial properties citywide increased 11.7% from FY22, the Class 4 market remains 7.7% below its FY21 level, with Manhattan having the smallest percent increase among the five boroughs. Cooperatives, condominiums, and rental apartment buildings saw an 8.7% increase from FY22, with rental buildings seeing the highest percent increase among the three Class 2 market categories.