NYC Department of Finance Releases FY 2025 Tentative Property Tax Assessment Roll

The total market value of all New York City properties is $1.491 trillion according to the Fiscal Year 2025 (FY25) Tentative Property Tax Assessment Roll recently released by the New York City Department of Finance (DOF). The current figure represents a 0.7% increase from FY24; and the portion of market value to which tax rates are applied increased by 4.2% to $298.9 billion. Commercial properties (Class 4) citywide increased in market value by 4.4% to $329.6 billion and total assessed values increased 3.5% to $133.5 billion with Brooklyn accounting for the largest percent increase among the five boroughs. Office buildings experienced a 3.5% increase in market value, “largely driven by the perennial attractiveness of trophy and premium spaces,” and a 2.5% increase in taxable assessed value, while retail properties saw more moderate increases of 2.0% in market value and 1.6% in taxable assessed value. An uptick in citywide construction and renovation spending after three years of decline was one positive indicator, generating $13.9 billion in new market value. Although Manhattan, Brooklyn and Queens accounted for 88% of overall construction activity, the Bronx experienced the highest percent increase among the five boroughs.