The good news is that the entire city is still worth more than $1 trillion, and your property is probably worth more. The bad news? You will likely have to pay more if you own property.
The city’s Finance Department has released the tentative assessments and property values for the next fiscal year.
A year ago, the tentative full market value of all properties grew 8.7 percent, to $1.157 trillion, while the tentative billable assessments rose 8.5 percent, to $226.248 billion. Both were expected to rise by similar amounts for this tax roll.
Indeed, the tentative full market value (FMV) rose 9.43 percent to $1.257 billion and the tentative billables rose by 8.36 percent to $243.2 billion.
Although the FMV of Class 1 homeowners rose by 10.44 percent and the FMV of Class 2 multifamily rose by 10.68 percent, the latter will have its billable taxable value go up the most — by 11.51 percent versus Class 1’s 4.09 percent due to caps on homeowner increases.
By contrast, the tentative FMV of the most valuable Class 4 commercial properties rose 7.44 percent with its taxable billable staying almost the same at 7.85 percent.
The Finance Department did not return e-mails or calls for comment regarding this year’s numbers.
But the Finance Department will mail notices to taxpayers that detail their tentative property tax assessments for the fiscal year that starts July 1, 2018. Be sure to read the bottom as it may include your requirements for filing real property income and expenses or benchmarking reports.
And you can fight city hall or at least try. While most Class 2 and 4 buildings have until March 1 to file with the Tax Commission for a correction of their tentative assessments, Class 1 homeowners have until March 15.
The values will be fixed in late May, and the City Council will then set tax rates.
New property records show the market value of last year’s most valuable building, 767 Fifth Ave., grew by $112.9 million, to $1.943 billion. Its actual assessed value is $874.36 million, but due to phase-ins, its tentative billable is up $37.8 million, to $765.3 million.
The Empire State Building’s market value rose by $39.9 million, to $920.9 million, and its actual assessment was bumped $17.9 million, to $414.4 million. With certain exemptions, its tentative billable will be up $8.3 million, to $387.99 million.
The 8.8 million square feet at the World Trade Center is worth $255 million more with a fair market value of $3.498 billion, but an actual assessed value of $1.5 billion. While entirely exempt, it pays a special tax to NYC, as do the new Hudson Yards properties.
In last year’s fiscal 2017-18, 44,854 parcels such as hospitals and government properties were fully exempt, representing $14 billion in taxes, and 515,533 were partially exempt, representing $2.88 billion in taxes.
