Photo: Sarah Ackerman/Flickr
Some would say New York City’s greatest resource is its art and culture, but there is a strong case to be made for its land.
In a new Department of Finance (DOF) report, New York City’s overall property value officially tops a trillion dollars. The latest Tentative Property Assessment Roll places total city Market Value at about $1.027 trillion, up 10.6 percent from fiscal year 2016 and the first time overall property value has ever surpassed a trillion dollars.
Across the board, individual property values are way up. Now, curious members of the public can find updated property values for every building in New York City using the DOF’s simple web interface.
The tool allows users to search by address. They then get an extensive list of documents associated with the property. These include yearly Notices of Assessed Property Value, Market Value History, Quarterly Property Tax Bills and Senior Citizen Rent Increase Exemption statements.
Looking through various Notices of Property Value, assessed values broadly increased year over year.
DOF Commissioner Jacques Jiha says the majority of the increases reflect market forces, but about about 11 percent is due to new construction and apportionments — most pronounced for rental apartment construction across the city and especially in Brooklyn. Thirty-six percent of all construction activity in the City is related to rental construction, and rentals account for 55 percent of all Brooklyn construction.
The DOF determines market values using the income approach, dividing net operating income by an overall capitalization rate. This factors in estimated building square footage, income, and expenses compared to a determined capitalization rate–a base cap based on building class plus an effective tax rate.
New Yorkers are able to contest assessed property values with an official challenge through the Tax Commission by March 15th.