Overview
- The Department of Finance’s tentative FY2027 roll shows citywide market value up 5.37% to $1.659 trillion and billable assessed value up 5.59% to $325.76 billion, both record highs.
- Average assessed values rose 4.7% for Class 1 homes and 6.2% for Class 2 co-ops, condos and rental buildings, pointing to higher tax bills for many owners.
- Landlords warn that higher assessments combined with Mayor Zohran Mamdani’s pledged rent freeze on stabilized apartments would strain building finances and shift costs to market-rate tenants.
- City Hall says tax rates have not been raised, labels the figures preliminary, and pledges to pursue property-tax reform; the mayor’s office projects property-tax revenue to grow 3.7% in 2026 even as budget gaps persist.
- Owners can seek reductions through the independent Tax Commission, with filings due March 2 for Classes 2–4 and March 16 for Class 1.