New York home values

Finance values all New York City re sidential and commercialproperties.State and City real estate law and tax rates set each year by the City Council are applied to these property values to determine each homeowner's annual tax liability. The Department of Finance collects these property taxes and other property-relate d charges, maint ains title records and tax maps, oversees lien sales, and administers the real estate transfer and mortgage recording taxes.

• Valuation/Assessment

The Department of Finance releases a tentative assessment of the property value of every one of the approximately one million properties in New York City every January and final assessments every May, prior to the beginning of each tax year, which begins July 1st.

• Condominium/Cooperative Comparable Rental Income

The Department of Finance is required by State law to value condominiums or cooperatives as if they were residential rental apartment buildings. We use income and expense information from rental properties that are similar to the condominiums or cooperatives in physical features and location. We apply this income and expense data to the condominium or cooperative and determine it's value in the same way we value rental apartment buildings.

• Rolling Sales Update

Finance’s Rolling Sales File breaks down property sales information into several criteria so buyers and sellers can understand the value of real estate in New York City. Users can determine what properties in all five boroughs are being sold for based on any combination of criteria we included in our file, such as neighborhood, building type, and square footage.

• Tax Reduction & Rebate Programs

Finance administers programs that reduce property taxes and encourages new construction and renovation.

• Read more about Property Tax Rebate

• Bills and Payments

Finance mails the Statements of Account every quarter to each property summarizing all property-related charges.

• Refunds

Finance will apply certain credits towards delinquent or future charges unless the owner requests a refund.

• Rates and Other Charges

Finance is responsible for administering the majority of New York City tax programs, and also serves as the billing agent for a variety of charges and fees imposed by other City agencies and by New York State.

• Property Information

Finance maintains owner information for every property, income and expense information for income-producing properties, detailed tax maps of every land parcel, apportionments and mergers, as well as property transfer records by Borough, Block and Lot.

• Recording Documents

The City Register records and maintains an official record of transfers and filing interests in real and personal property (e.g., deeds, mortgages, mortgage satisfactions, and financing statements).