Many property owners whose tax assessments were illegally tampered with by corrupt assessors could soon feel the financial pinch, while others have emerged unscathed, city officials said yesterday.

In updating the city’s tentative tax rolls for the fiscal year that begins in July, the Finance Department has taken a hard look at the 562 properties whose assessments were allegedly manipulated by 18 former assessors, most of whom have pleaded guilty to bribery charges.

“For the fiscal year 2004 tentative roll, we have been able to recapture some of the value that had been missed in previous years on these properties,” Martha Stark, city Commissioner of Finance said.

For the larger residential properties, Stark said, it appeared the assessors under indictment had improperly affected assessments by understating building owners’ income by about 11 percent and overstated expenses by 7.2 percent.

The city estimates it lost tens of millions of dollars in revenue during the approximately 37 years the bribery scam took place. One commercial property that had been handled by one of the corrupt assessors -and that received a big kick in value on this year’s tentative tax roll – is Sheldon Solow’s 9 W. 57th St.

Last year’s final roll listed the 1.3 million-square-foot behemoth’s market value as $432 million with a billable assessed value of $144.9 million.

This year, its new tentative fair market value is $487 million, while its billable value is $165.51 million. If that latter number is not challenged before the roll is finalized in May, Solow would pay $19.16 million under current tax rates – nearly $5 million more than previously.

GOING UP

BUILDINGS INVOLVED IN THE ASSESSOR SCANDAL

The Greybar Building at 420 Lexington Ave.

This year: Valued at $209 million and will pay about $8.8 million in taxes.

Last year: Valued at $190.3 million and paid about $7.4 million in taxes.

The Parker Meridian Hotel at 123 W. 56th St.

This year: Valued at $130 million and will pay $6.7 million in taxes.

Last year: Valued at $110 million and paid $5.28 million in taxes.

Commercial property at 9 W. 57th St.

This year: Valued at $487 million and will pay $19.16 million in taxes.

Last year: Valued at $432 million and paid about $5 million less in taxes.