By Forum Staff
The City Department of Finance on Monday announced that the agency will host a series of five outreach events—one in each borough—to assist property owners in better understanding their Notice of Property Value.
Mailed each January, the NOPV informs owners of their property’s tentative market and assessed values for the coming tax year.
The Queens event will be held on Feb. 26 at Borough Hall, located at 120-55 Queens Blvd. The public can attend an NOPV outreach event for in-person assistance. All events begin at 5 p.m. and end at 8 p.m.
During the NOPV information sessions, DOF outreach staff will be joined by property assessors, customer assistance specialists, and representatives from the agency that conducts hearings on disputed valuations. They will provide an overview of the NOPV, explain property taxes, discuss potential savings through property tax exemptions, outline how the Office of the Taxpayer Advocate can assist with specific tax issues, and guide attendees on filing a property assessment challenge with the Tax Commission.
DOF administers several abatement and exemption programs for qualifying homeowners to help lower their property tax bill, including:
- Senior Citizen Homeowners’ Exemption: Available to owners 65+ with annual income of $58,399 or less.
- Disabled Homeowners’ Exemption: Available to owners with disabilities or with certain tenants with disabilities and annual income of $58,399 or less.
- Veterans Exemption: Available to eligible veterans of foreign wars, veterans with honorable discharges, spouses or widow(er)s of veterans, and Gold Star parents.
- Clergy Exemption: Available to eligible members of the clergy or their unremarried surviving spouse.
Visit nyc.gov/site/finance/property/property-tax-benefits.page for full eligibility information and application instructions. New applications for these benefits must be received by March 17, 2025, in order for the benefits to take effect for Fiscal Year 2026.
DOF also offers payment plans that allow property owners to pay their property taxes over time, instead of paying the full amount all at once. Failure to pay taxes can put you at risk of the debt being sold and even foreclosure. If you are unable to pay the full property tax bill, to avoid having your debt sold, you may enter into a payment plan. To determine the best payment plan, use the payment plan screening tool at nyc.gov/site/finance/property/whats-the-right-pt-aid-for-you.page or visit a DOF business center.
Property taxes skyrocketed in NYC from 2007 to 2024, driving housing costs higher for many across the five boroughs, according to a report released State Comptroller Tom DiNapoli. The median tax bill for the city’s most expensive family homes grew by 131 percent during this period, compared to 149 percent for the city’s least expensive homes.
“Our NOPV information sessions provide property owners with a valuable opportunity to gain a clearer understanding of their annual tentative property tax assessments and receive assistance from knowledgeable DOF staff,” said DOF Commissioner Preston Niblack. “These sessions are designed to empower property owners by explaining how assessments work, identifying potential savings, and guiding them through the available property tax benefit programs. By participating and leveraging these programs, you can lower your annual tax bill and keep more money in your pocket.”
