By Forum Staff
Department of Finance Commissioner Preston Niblack on Tuesday announced the publication of the tentative property tax assessment roll for Fiscal Year 2025. 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 in mid-January. The tentative roll is available online at nyc.gov/site/finance/property/property-assessments.page.
The tentative assessment roll for FY25 shows the total market value of all New York City properties is $1.491 trillion, a 0.7-percent increase from Fiscal Year 2024. Property values for FY25 reflect real estate activity between Jan. 6, 2023, to Jan. 5, 2024, the taxable status date, as well as income and expense information on commercial properties during calendar year 2022 and submitted to DOF in 2023. Citywide taxable billable assessed value, the portion of market value to which tax rates are applied, increased by 4.2 percent to $298.9 billion.
The tentative roll shows more citywide construction activity with $13.9 billion in new market value. Manhattan, Brooklyn and Queens accounted for 88 percent of overall construction activity in the city, while Bronx registered the highest percent increase in construction activity among the boroughs at 1.4 percent.
Highlights by tax classes:
Class 1 (1-3 family homes)
- The total market value decreased by 3.4 percent to $738.8 billion, driven primarily by market forces.
- Assessed values rose by 4.7 percent to $26.1 billion. Class 1 homes in the Bronx had the greatest percent increase in market value, at 0.5 percent, while Brooklyn had the greatest percent increase in assessed value, up 4.9 percent; Queens and Staten Island followed closely at 4.8 percent and 4.5 percent, respectively.
Class 2 (cooperatives, condominiums and rental apartment buildings)
- The total market value increased by 5.3 percent to $370.4 billion, a $18.8 billion difference from Fiscal Year 2024.
- The total assessed value increased by 4.5 percent, to $116.1 billion. Brooklyn experienced the largest market value percent increase for Class 2, at 9.2 percent, and the largest taxable billable assessed value percent increase at 11.0 percent.
- Class 2 rentals saw a market value increase of 5.7 percent. Class 2 cooperatives and condominiums saw a market value increase of 2.1 percent and 3.3 percent, respectively.
- The total assessed value increased by 5.3 percent for Class 2 rental apartments. Manhattan had the least market value increase at 4.3 percent and Staten Island had the largest taxable billable assessed value increase at 12.6 percent for rental apartments.
Class 4 (commercial properties)
- Citywide total market value increased by 4.4 percent to $329.6 billion driven primarily by changes in market forces. Brooklyn had the largest percent increase in market value at 8.0 percent.
- Total assessed values increased by 3.5 percent, to $133.5 billion. Commercial properties in Brooklyn saw the largest increase in assessed value, at 7.7 percent.
- Office buildings experienced an increase of 3.5 percent in market value. Retail buildings and hotels registered a market value increase of 2.0 percent and 8.4 percent, respectively.
- Total assessed value for office buildings increased by 2.5 percent. Citywide retail buildings saw a 1.6 percent increase in taxable billable assessed value. Brooklyn had the largest increase in assessed value at 5.6 percent for retail buildings. Citywide assessed value for hotel buildings increased by 5.5 percent.
Photo Courtesy of Google
Assessed values of 1-3 family homes across the city last year rose by 4.7 percent to $26.1 billion, according to the Department of Finance.
SLUG: PROPERTY TAX ASSESSMENT
Photo Courtesy of DSNY
The law requires you to clear the sidewalk. How long you have to do so depends on when the snow stops falling.
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Remember City Snow/Ice Removal Rules
By Michael V. Cusenza
As Old Man Winter rears his ugly head, The Forum wanted to remind readers of the City’s rules regarding removing snow and ice from your residence or business.
Property owners must clear snow or ice from their sidewalks, according to the City Department of Sanitation. The City doesn’t clean or remove snow or ice from sidewalks in front of residential or commercial property.
If you own any lot or building, you must:
- Clear snow and ice on your sidewalk to create a path at least 4 feet wide
- Clear a path to the crosswalk, including pedestrian ramps (curb cuts), if you own a corner property
- Shovel bus stops and fire hydrants in front of your property
If the snow stops falling between:
- 7 a.m. and 5 p.m., you must clear sidewalks within four hours
- 5 p.m. and 9 p.m., you must clear sidewalks within 14 hours
- 9 p.m. and 7 a.m., you must clear sidewalks by 11 a.m.
You may not shovel snow into the street.
If you don’t follow snow shoveling rules, you may receive a ticket from the DSNY.
You can report snow or ice on sidewalks in front of residential or commercial properties after property owners have had enough time to clear their sidewalks.
DSNY doesn’t clear access to vehicles, sidewalks, and driveways, even if the obstruction was caused by plowing activity.
Property owners are responsible for clearing snow from hydrants in front of their property. You can report snow blocking a fire hydrant to the Fire Department.
DSNY hires emergency snow laborers to help clear snow from pedestrian medians, overpasses, and underpasses once all streets have been cleared. This effort takes time because it requires manual labor.
You may file Service Requests beginning 72 hours after streets have been cleared. There is no guarantee that every overpass or underpass will be cleared.
