News & Insights

Deadline to Appeal Property Taxes for New York City Is March 1, 2022

Tax Development Feb 08, 2022

Deadline to Appeal Property Taxes for New York City Is March 1, 2022

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.


Michael Allen

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