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DOF Releases Tentative Property Tax Assessments for FY 2020

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As expected, the City Department of Finance (DOF) released the tentative assessment role on January 15th for the upcoming Fiscal Year (FY) 2020, which will begin on July 1, 2019. Tax assessments across all tax classes increased by 8.34%, with Class 2 buildings (rentals, co-ops and condos) once again rising sharply with a 10.71% assessment increase.

Citywide, there is an assessment increase of 11.91% for larger Class 2 rental buildings, which raises the average annual tax bill to $5,299 per apartment per year (a $521 increase from last year). Rental properties citywide with 4-10 units will increase 7.35%, which raises the annual tax bill to $3,654 per unit (a $228 increase from last year).

Brooklyn once again had the highest assessment increase for larger rentals at 20.14%, raising the annual tax bill to $3,495 per unit. Rentals with 4-10 units will see a drastically lower increase of 9.43%, which raises the annual tax bill to $2,534 per unit.

The second largest assessment increase is in Queens, with an increase of 17.05% for larger rentals, raising the annual tax bill to $3,976 per unit. Buildings with 4-10 units in Queens also increased by 7.57%, with annual tax bills of $3,186 per unit.

In Manhattan, assessments for larger Class 2 rentals increased by 9.62%, raising the annual tax bill to $8,662 per unit. Rentals with 4-10 units saw a smaller increase of 5.22%, increasing the annual tax bill to $8,189 per unit.
Larger rental buildings in the Bronx will have an average assessment increase of 8.82%, raising the average annual tax bill to $2,086 per unit. Buildings with 4-10 units in the Bronx showed a similar increase of 8.59%, which raises the annual tax bill to $2,521 per unit.

Staten Island’s assessments for larger rental buildings increases by 5.77%, raising annual tax bills to $2,589 per unit. The assessments for buildings with 4-10 units in Staten Island had a larger increase of 7.10%, which raises annual tax bills to approximately $2,957 per unit.

Please keep in mind that the FY 2019 tentative tax roll is subject to adjustment based on tax protests by rental property owners. We encourage you to review your tentative assessments and file a protest with the City Tax Commission if the assessments are not consistent with neighboring properties or borough averages. Additionally, you should also consider a tax protest if your net operating income (NOI) did not increase but your assessment did increase.

For more information on how to begin the process of challenging your property tax assessment, see page 17 of the January edition of the RSA Reporter. The deadline for Class 1 properties to challenge their values is March 15th and the deadline for all other properties is March 1st

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