Market Value —Valuing Your Property
The NYC Department of Finance assigns Market Values to all properties in New York City – approximately 1,045,000 properties each year. Market Value is the worth of your property determined by Finance based on your property’s classification and requirements set out in N.Y. State Law.
Class 2 market values
N.Y. State Law mandates that we value all Class 2 properties as income-producing, based on their income and expenses. This means that when you see the Market Value that we assign to your property, it may not look like what you would expect its sales price to be.
To get to your Market Value, we use a statistical model as a tool to find typical income and expenses for properties similar to yours (in terms of size, location, number of units and age). Next, we apply a formula to the income data to get to your Market Value. Class 2 properties include rental buildings, condominiums, and cooperatives. All are valued as if they are income-producing properties. There are variations in how we determine your Market Value depending on whether you live in a larger condo or co-op with 11 units or more, or a smaller building with 10 units or fewer.
NYC-Residential-Property-Taxes-Class-2-Guide-2022Click here to access the Class 2 Residential Property tax Guide directly.
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