Notice of Property Value (NOPV)

Properties in New York City are divided into four classes. Tax class 1 includes one- to three-unit residential properties. Class 2 includes residential properties with more than three units, including co-ops, condos, and apartment buildings. Classes 3 and 4 are mostly utility and commercial properties.

The Department of Finance values and assesses your property every year to calculate your property tax bill. The process is complex, but essentially, it works like this:

• DOF determines your property’s market value. How we do this varies by tax class. The property tax guides below describe the process in more detail.
• Once your market value is established, your assessed value is calculated. Assessed value is a percentage of your market value. The process varies depending on what type of property you own.
• If you receive exemptions, their value is subtracted from your assessed value to calculate your taxable value. Your taxable value is multiplied by the current tax rate for your property class. The resulting amount, minus any abatements you receive, is the amount you must pay in property taxes.
• For more information about how properties are assessed and taxes are calculated, download our property tax guides:

Class 1 Property Tax Guide

Class 2 Property Tax Guide

Utility Property Tax Guide

Please note that state law limits how much some assessments can change each year. It is common for an assessment to take a few years to catch up to the market value

To download your property tax bills, visit our property tax bills page and select “Access Your Property Tax Bills.”

Property tax bills are mailed quarterly for homes with an assessed value of $250,000 or less, and semiannually for homes assessed at more than $250,000. Quarterly bills are due on July 1, October 1, January 1, and April 1; your bill will generally be mailed a month before its due date. Semiannual bills are mailed a month before their January 1 and July 1 due dates.

Once you receive your bill, review it carefully to ensure that you understand not only how much you owe, but where that amount comes from. If you have any questions, contact the Department of Finance or call 311.

If you believe the Department of Finance has made an error in determining your market value, you may submit a “Request for Review” form.

To learn more about how to challenge your assessed value with the New York City Tax Commission, visit our Challenge Your Assessment page.

To update the property information that appeared on page three of your NOPV, file a “Request to Update” form with the Department of Finance.

To review the property tax exemptions that are available to homeowners—including seniors, veterans, clergy members, people with disabilities, and more—in New York City, visit the property tax exemptions page. You will find eligibility information and applications.

For questions about applying for a property tax exemption, contact us by creating a customer service account with the Department of Finance.

New in 2024! Due to a change in state law, more seniors and people with disabilities may qualify for the Senior Citizen Homeowners' Exemption (SCHE) or Disabled Homeowners' Exemption (DHE)—even if you were previously denied on the basis of income. Apply online today for SCHE or DHE.

Visit the Co-op/Condo Abatement page for more information about the co-op/condo abatement, including the application, primary residency verification requirement, and renewal process.

• Send us a message with questions about your property, taxes, etc.
• Call 311.
• We encourage you to attend an outreach session, send us a message, or call 311 for assistance, rather than visiting a Department of Finance business center.