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Assessed values of 1-3 family homes in Queens rose 6.1 percent last year.
By Forum Staff
City Department of Finance Commissioner Preston Niblack on Tuesday announced the publication of the tentative property tax assessment roll for Fiscal Year 2024. The DOF is required to determine market and assessed values for all properties in the five boroughs annually and issue a tentative property tax assessment roll each year on Jan. 15.
The tentative assessment roll for FY24 shows the total market value of all New York City properties is $1.479 trillion, a 6.1 percent increase from Fiscal Year 2023. Property values for FY24 reflect real estate activity between Jan. 6, 2022, to Jan. 5, 2023, the taxable status date. Citywide taxable billable assessed value, the portion of market value to which tax rates are applied, increased by 4.4 percent to $286.8 billion.
The tentative roll shows stable citywide construction activity with $8.8 billion in new market value. Manhattan, Brooklyn and Queens accounted for 80 percent of overall construction activity in the City, while The Bronx registered the highest percent increase in construction activity among the boroughs at 1.6 percent.
Highlights by tax classes:
Class 1 (1-3 family homes)
- The total market value rose by 8.3 percent citywide to $ 765 billion. Of this increase, 98.6 percent is attributable to market forces.
- Assessed values rose by 6 percent to $ 25.1 billion. Class 1 homes in Staten Island had the greatest percent increase in market value, at 12.1 percent, while Brooklyn had the greatest percent increase in assessed value, up 6.3 percent; Queens and Staten Island followed closely at 6.1 percent, respectively.
Class 2 (cooperatives, condominiums and rental apartment buildings)
- The total market value accounted to $ 351.0 billion, an increase by $3.0 billion, or 0.9 percent from Fiscal Year 2023.
- The total assessed value increased by 3.1 percent, to $ 111.7 billion. Manhattan experienced a decline in market values for Class 2, at 1.5 percent; while Bronx experienced the highest taxable billable assessed value percent increase at 11.6 percent.
- Class 2 rentals saw a market value increase of 0.3 percent. Class 2 cooperatives and condominiums saw a market value increase of 0.5 percent and 5.1 percent, respectively.
- The total assessed value increased by 1.6 percent for Class 2 rental apartments. Manhattan had a market value decrease at 3.1 percent and Bronx had the highest taxable billable assessed value increase at 11.3 percent for rental apartments.
Class 3 (utilities and special franchise properties)
- The market value for Class 3 properties, which includes property with equipment owned by a gas, telephone, or electric company, is tentatively set by the New York State Office of Real Property Tax Services at $45.4 billion.
Class 4 (commercial properties)
- The total market value increase by 7.4 percent citywide to $317.2 billion. Queens had the smallest percent increase in market value, at 5.3 percent.
- Total assessed values increased by 5.2 percent, to $ 129.7 billion. Commercial properties in Manhattan saw the smallest percent increase in assessed value, at 4.7 percent.
- Office buildings experienced an increase of 7.1 percent in market value. Retail buildings and hotels registered a market value increase of 5.4 percent and 9.7 percent, respectively.
- Total assessed value for office buildings increased by 4.4 percent. Citywide retail buildings saw a 4-percent increase in taxable billable assessed value. Bronx had the smallest increase in assessed value at 1.5 percent for retail buildings. Citywide assessed value for hotel buildings increased by 7.8 percent.