NYC DOF Releases FY 2024 Tentative Property Tax Assessment Roll

Total market value of all New York City Properties increased 6.1 percent year-over-year between January 6, 2022 and January 5, 2023, reaching $1.479 trillion according to the recently published Fiscal Year 2024 (FY24) Tentative Property Tax Assessment Roll by the New York City Department of Finance (DOF). The portion of market value to which tax rates are applied increased more moderately by 4 percent citywide to $286.8 billion during the same period. Continued mixed signs of growth and economic recovery are reflected in the FY24 tentative assessment roll which reveals improvements in subsectors of the residential market — particularly single-family homes, while key commercial sectors still lag behind pre-pandemic levels despite modest growth over the past year. The decline in office occupancy continues to impact retail stores and hotels, contributing to the commercial sector’s slow recovery.