- REAL ESTATE EDUCATION
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Fiscal Year 2019 Tentative Assessment Roll Release
January 17, 2018
The New York City Department of Finance released the Fiscal Year 2019 Tentative Assessment Roll yesterday. The property assessments in the Roll reflect how the city valued real property for the upcoming fiscal year for tax purposes.
The Annual Roll set tentative values for all New York City properties for the upcoming year to about $1.258 trillion, an increase of $108.4 billion, or 9.4 percent from the 2018 Fiscal Year. The value of class two properties (residential rental, coops, and condos) increased 10.68 percent Citywide over the previous fiscal year to $311.6 billion. Tax class four, composed mostly of commercial property types, increased of 7.4 percent over the last fiscal year to $317.9 billion. Class 1 (one-to-three family houses) had an increase in market value of 10.4 percent to $594.8 billion.
Owners of tax class two, three, and four properties have until March 1, 2018 to challenge their properties’ assessments with the New York City Tax Commission. Owners of one-to-three family homes have until March 1, 2018 to challenge their assessments with the Commission.