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Tentative Property Tax Assessments for FY 2018 Released by DOF

 

The City Department of Finance (DOF) released the tentative assessment role on January 17th for the upcoming Fiscal Year (FY) 2018, which begins on July 1, 2017. Tax assessments across all tax classes increased by 8.45%, with Class 2 buildings (rentals, co-ops and condos) bearing the brunt of the burden with a 10.45% assessment increase.

 

Citywide, there is a tax assessment increase of 11.63% for larger Class 2 rental buildings, which would bring the average annual tax bill to $4,520 per apartment per year. Rental properties with 4-10 units will see a smaller citywide increase of 7.38%, raising the annual tax bill to $3,295 per unit.

 

In Manhattan, assessments for Class 2 rentals increased by 10.49%, increasing their annual tax bill to approximately $7,415 per unit. Four-to-10 family rentals in Manhattan saw a smaller increase of 6.50%, bringing the annual tax bill to $7,491 per unit.

 

Out of the five boroughs, Brooklyn had the highest assessment increase for larger rentals at an incredible 19.05%, raising the annual tax bill to $2,830 per unit. Four-to-10 unit rentals will see a much lower increase of 8.11%, raising the annual tax bill to $2,248 per unit.

 

For larger rentals in Queens, there will be an increase of 11.78%, which raises the annual tax bill to $3,263 per unit. Four-to-10 unit rentals in Queens will see an increase of 7.76%, with annual tax bills of $2,826 per unit. Staten Island’s assessments for larger rental buildings increasedby 4.28%, raising annual tax bills to $2,307 per unit. The assessments for buildings with 4-10 units in Staten Island increased by 6.19% and annual tax bills will increase to approximately $2,723 per unit. 

 

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RSA’s top priority is to protect the best interests of the rental housing industry by advocating in the State and City governments.

 

Although our staff takes pride in advocating on behalf of residential property owners, it is important that you make your voices heard to your local elected officials as well.

 

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