In January 2017, the Department of Finance published the tentative assessment role for Fiscal Year 2018. The total ‘Market Value’ of all parcels in New York City is $1.16 billion, up $93 billion or 8.74% since Fiscal Year 2017.
The table below reflects changes to the total ‘Market Value’ of each Tax Class.
Tax Class 1 includes all one-to-three family homes and vacant residential land. Tax Class 2 includes multifamily rental buildings, co-ops, and condominiums. Tax Class 3 are utilities. Tax Class 4 has offices, retail buildings, hotels, and vacant commercial land.
Market forces reflect the increase in the value of the property on the tax roll in 2017 due to changes in the market. Physical changes reflect how much of the increase in value for FY 2018 is the result of new property included on the roll this year which did not exist last year. For instance, in the last year a single family house was built on a lot that was vacant last year. This new house is deemed a physical change.