Assessment ProcessExemptions & Abatements

Assessment Basics – Part II

Using one of the several appraisal methods allowed by state law, the City estimates the market value of each property. Once the market value is determined, the assessment ratio is applied in order to establish the portion of this value subject to taxation.

Assessment Process

Assessment Basics – Part I

The system of real property assessment in New York City is complex. An interplay of state and local laws creates a revenue machine that produces over 20 billion dollars in property taxes every year.

Assessment Process

Assesment Caps Summary

All New York City real estate is subject to annual valuation. As outlined in our post on Assessment Basics, a property’s assessed value is determined by applying the assessment ratio to the property’s market value – finance’s estimate of your property’s worth.