Assessed Value (NYC)
NYC DOF states assessed value is based on a percentage of market value called the assessment ratio, and that state law limits how much assessed value can increase each year for certain classes/subclasses. DOF notes assessed values can differ from a simple market-value-times-ratio computation due to caps and phase-in rules.
- Where it applies
- New York City
- When it comes up
- Annual tax cycle; budgeting
- Property types
- NYC assets (especially Class 1 and certain Class 2 subclasses)
Read more in the Knowledge Base
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Property Tax and Assessment (NYC)
- (ORPTS)
- Assessment Ratio (Level of Assessment)
- Equalization Rate
- Market Value (NYC Assessment Context)
- Notice of Property Value (NOPV)
- Tax Class (NYC)
- Taxable Value (NYC)
- Transitional Assessed Value
General information, not legal, tax or financial advice.