On January 18, 2022, the New York City Department of Finance released the tentative assessment roll for tax year 2022-2023, which values all real property in the city as of January 5, 2022. Commercial property (Class 4) total market value increase was 11.72% citywide. Multifamily property (Class 2) total market value increase was 8.71%.
Two struggling industries saw increases in valuation. Office buildings rose 10.67% after falling 15.05% in 2021, and hotels saw an increase of 5.76% overall after some hotel sectors dropped more than 20% last year. Commercial sectors that experienced market value increases above the citywide average of 11.72% include store buildings (up 12.20%), garages (up 12.70%), theaters (up 15.54%), factories (up 18.54%), and warehouses (up 20.26%).
The city’s optimism in the new assessment roll flies in the face of the reality of ongoing pandemic closures, vacancies, and rent reductions. As property owners continue to face high vacancies and less revenue generation, it is essential to apply to the New York City Tax Commission for reduction in your property’s assessed value.
The subject matter experts at Ryan are available to assist clients with navigating deadlines and minimizing tax liability.
TECHNICAL INFORMATION CONTACTS:
Michael Allen
Principal
Ryan
954.740.6240
michael.allen@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
- Topics
- Michael Allen
- Property Tax
- New York