Transitional Assessed Value
NYC DOF defines transitional assessed value as a phased-in assessed value where increases are typically phased in over five years (notably for Tax Class 4 and certain Class 2 buildings), which can make taxable value lower than "actual assessed value" in a given year. DOF describes transitional value as applicable to tax class 4 and to tax class 2 co-ops/condos and certain rentals.
- Where it applies
- New York City
- When it comes up
- Annual tax cycle; underwriting
- Property types
- NYC Class 2 and Class 4 properties
Property Tax and Assessment (NYC)
- (ORPTS)
- Assessed Value (NYC)
- Assessment Ratio (Level of Assessment)
- Equalization Rate
- Market Value (NYC Assessment Context)
- Notice of Property Value (NOPV)
- Tax Class (NYC)
- Taxable Value (NYC)
General information, not legal, tax or financial advice.