DiNapoli: City property tax assessments show return to pre-pandemic levels ahead of schedule

New York State Comptroller Thomas P. DiNapoli today issued the following statement on New York City property assessments:

“Release of New York City’s Provisional Property Assessment Roll Suggests a Bright Point for New York City Finances Entering Fiscal Year 2023, Amid Uncertain Economic Recovery of the city and its impact on the city’s property taxes, the city’s largest source of revenue.

Market values ​​of “Commercial and Industrial Properties” (Class IV), the largest component of which are office buildings, are expected to rise 11.7% in fiscal year 2023, reaching levels just below the peak of fiscal year 2021. Multi-Family Residential (Class II) market value growth also exceeded 8%, allowing the city’s total overall market value to grow by nearly 8.2% and surpass pre-existing levels the pandemic.

“The city is currently forecasting property tax growth of 2.6% in fiscal year 2023. Given the tentative increase in assessed values ​​of more than 8%, the city’s revenues are expected to see an improvement to the increase when updated in the mayor’s preliminary budget plan, due in mid-February.

“City officials can take advantage of this improved revenue to focus on increasing reserves to hedge against economic and fiscal uncertainties.”

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Penny D. Jackson