The NYC Notice of Property Value: What Does It Say, What Is It Not, and What Should You Do Before March?
The NYC Notice of Property Value arrives each January and is not a bill. Every field explained, the March deadlines, and the steps if it is wrong.
Updated September 2026. The next Notice of Property Value goes out on or about January 15, 2027, for the tax year beginning July 1, 2027. The deadlines it starts are March 1 for tax classes 2, 3 and 4 and March 15 for tax class 1, dates the Tax Commission says cannot be extended. A non-primary residence surcharge letter is a different notice on a different clock, due October 6, 2026: see the surcharge, explained.
The Notice of Property Value arrives in January, asks for no money, and is the easiest piece of City mail to file away unread. It is also the only document that says in advance what the year’s bills rest on, and the last warning before the appeal window shuts in March.
MGNY reviews the valuation and property-record issues shown on NYC notices and prepares the appropriate filings. Our DOF Request for Review service explains one available route. Request a review of your Notice of Property Value with the address and the issue you have identified.
What is the NYC Notice of Property Value?
The Notice of Property Value, the NOPV, is the Department of Finance’s annual statement of what your property is worth and how it is assessed. Finance defines it as a notice reflecting the property’s physical condition as of January 5, used for the tax year beginning July 1. It arrives with the tentative assessment roll.
Two agencies act on it. Finance sets the value; the New York City Tax Commission, independent of Finance, reviews the assessed value, tax class and exemption status. The machinery behind the number is in how NYC property tax works and Assessment Basics, Part I.
When does the Notice of Property Value arrive, and what year does it cover?
Owners receive it on or about January 15, in the Tax Commission’s words, for the tax year beginning the following July 1 and running through June 30. Finance’s Class 1 guide reproduces one dated January 15, 2026, headed Tax Year 2026-27.
The January notice is tentative. The roll stays open until the final assessment roll publishes on or about May 25, and a change to the assessed value produces a Revised Notice of Property Value: for the 2026 roll it posted revision lists from February 11 through May 13. That stretch is what the firm’s appeals practice calls the change-by-notice window: a correction landing before the roll closes shows up in the first bill rather than as a later refund.
How do you read a Notice of Property Value?
Three pages: values and key dates on pages one and two, Finance’s property description on page three.
| Field on the notice | Meaning |
|---|---|
| Tax class | 1 is one- to three-unit residential; 2 is residential above three units, co-ops and condos included; 3 and 4 are mostly utility and commercial. The class sets every rule below. |
| Property description (page three) | Improvement and land square footage, residential and non-residential unit counts, floors. Errors here propagate downstream. |
| Market value | Finance’s estimate of worth. Class 1 comes from neighborhood sales over the prior three years; class 2 is valued as income-producing, co-ops and condos as if they were rentals. |
| Assessment ratio | 6% for class 1, 45% for classes 2, 3 and 4. For class 1 that 6% is also a maximum. |
| Assessed value | The figure the tax is calculated on. Actual assessed value is the figure before phase-in or exemptions. |
| Caps on increases | Class 1: 6% a year, 20% over five. Classes 2a, 2b, 2c (ten or fewer units): 8% a year, 30% over five. Construction is not capped. |
| Transitional assessed value | Class 2 above ten units and all class 4 phase changes in at 20% a year for five years; the bill takes the lower figure. |
| Effective market value | Assessed value divided by 6% or 45% where caps apply. Prove the property is worth less than this, or the Tax Commission will not adjust it. |
| Exemption value | Amounts that come off assessed value before tax: STAR, senior citizen, veteran’s, disability, clergy, J51, 421A, nonprofit. Not the dollars saved. |
| Taxable value | Actual or transitional assessed value, whichever is less, minus exemptions. The rate multiplies this. |
| Estimated property tax | Taxable value times the current rate. On the 2026-27 class 1 specimen, $30,000 x .19843 = $5,952.90. Informational only. |
The caps are why an assessment climbs while the market falls: Finance’s own example puts market values of 100,000, 150,000 and 140,000 against capped assessed values of 6,000, 6,360 and 6,741. Assessment Basics, Part II has the arithmetic.
Is the Notice of Property Value a bill?
No, and Finance says so twice: the NOPV is not a bill and no payment is required, with “(This is not a bill.)” under the heading. Bills come later: quarterly for properties assessed at $250,000 or less, due July 1, October 1, January 1 and April 1, and semiannually above that, due July 1 and January 1.
The confusion is page two, which prints a dollar figure. It multiplies taxable value by the current year’s rate, because Finance cannot calculate the coming year’s tax until the City Council sets a new one. As of September 2026 the rates for tax year 2026 are 19.843% class 1, 12.439% class 2, 11.108% class 3 and 10.848% class 4. The figure is a projection, not an amount owed.
What deadlines does the Notice of Property Value start?
- March 1: Tax Commission applications for classes 2, 3 and 4.
- March 15: Tax Commission applications for class 1. Received, not postmarked; Finance says later appeals will not be granted.
- Request for Review: March 15 for class 1 and April 1 for other properties on Finance’s page, though the 2026 class 2 notices printed March 2.
- Exemption applications: the 2026 notices printed March 16, 2026.
- 20 calendar days from a Revised Notice dated after February 1 that raises the assessed value or cuts an exemption.
- 30 calendar days from a Finance decision on a personal exemption dated after May 1.
- May 31: personal exemption appeals at the Tax Commission; a value claim still goes in by March 1 or March 15.
- On or about May 25: the final roll publishes, and the year is billed on it.
Two traps. Asking for a different tax class does not move your deadline: the one that applies is for the class on the notice. And for 2026/27 the Tax Commission charges a $175 fee where the assessed value on the notice is $2 million or more, condo units filing together aggregated, billed on the tax bill and waived if review is waived before the application is scheduled.
What should you check when it arrives, and what if the market value is wrong?
Check four things: the description on page three, since square footage, unit counts and floors feed the valuation; the tax class, which sets the ratio, the caps and the deadline; the exemptions, including any that are missing; and the market value against the effective market value, the number you have to beat.
A wrong description goes to Finance, not to the Tax Commission, in the Commission’s own instruction. A wrong value gets two tracks at two agencies. The Request for Review asks Finance to reconsider its own estimate, the faster route to a change by notice; our Finance Department appeals page covers when it is worth filing. The Tax Commission application is the independent review: TC108 for class 1 valuation, TC101 for class 2 or 4 other than condo units, TC109 for condo units, TC106 for classification and exemptions, plus a TC201 or TC203 income and expense schedule where the property earns income. Our Tax Commission appeals page covers that side; the full calendar is in the property tax appeal process in New York City.
Neither filing substitutes for the other, and both agencies say exactly that in their own words. Past the Commission the next forum is court, which is what tax certiorari means.
Is the non-primary residence surcharge notice the same thing?
No. That letter asks whether the property is anybody’s primary residence, not what it is worth, and exemption applications are due to Finance by October 6, 2026. It reaches one- to three-family homes Finance values above $5 million and condo or co-op units it values at $1 million or more, and generally spares a property lived in by the owner, a tenant, an immediate family member or the majority holders of the owning entity.
The two notices meet at the Tax Commission. Surcharge appeals go on Form TC107, due March 1, 2027 for class 2 and March 15, 2027 for class 1 when filed together with a value challenge, or within 30 days of Finance’s final determination if the residency question went to Finance first, whichever is later. One warning: ask the Commission to consider primary residency and Finance will not consider any submission on the same property.
What does it cost to ask MGNY?
Nothing. A real person answers at (212) 343-1111, right away, and the consultation is free. You engage us only if you want the appeal handled for you. MGNY has worked NYC property tax since 2008, with $50M+ in tax refunds secured for owners, 900+ developments with tax abatements secured and $30B+ represented in appeals.
The notice reads the same in every borough; where you file, and what the roll did to your neighbors this year, is on the pages for Brooklyn, the Bronx, Queens, Manhattan and Staten Island.
Have the notice in front of you? Read it with someone who files these every January.
Call (212) 343-1111 and we will go through the values, the class and the deadline. Or start with the appeal process guide.
The notice is the first number in the cycle and the bill is where it lands: our guide to the NYC property tax bill follows the assessment through to the amount due, and the Department of Finance page names the office and the portal for every step in between.
Sources, all read September 2026: NYC Department of Finance (Notice of Property Value, Challenge Your Assessment, assessed value, market value, transitional value, definitions, tax rates and surcharge pages, plus the Class 1 and Class 2 Property Tax Guides and their specimen 2026-27 notices); NYC Tax Commission (Challenging Notice of Property Value, Forms, Surcharge Appeal, and the 2025 Annual Report). MGNY Consulting is a private consulting firm and is not affiliated with the NYC Department of Finance or the NYC Tax Commission.
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