If you’re an NYC homeowner, then you know that your annual Notice of Property Value (NOPV) comes out around February. In this NOPV, it indicates your property’s estimated market value and tax assessed value for the upcoming year. In the NOPV, it gives you instructions on how to challenge your assessment, if you disagree with it. Unfortunately the instructions aren’t so easy to follow (maybe by design) so we decided to create a step by step guide on how to challenge your tax assessment and possibly lower your taxes.
If you want to hire a company to do this for you, just google “tax grievance companies nyc” and a list of companies will pop up. Based on the current process, we believe that it is not too complicated and with a little effort, can be completed by any local homeowner.
Hope this helps. If you have any questions, feel free to Contact Us 🙂
Step 1 (Dept of Finance Appeal):
The first thing that you have to do is challenge your “market value” with the NYC department of finance. You can do this by visiting the link below. This will give you step by step instructions on how to challenge your market value with the department of finance. The process here is called a “Request for Review” (RFR). You can complete the entire process online, all you’ll need is your property details as well as recent comparable sales (AKA Comps) to support your appeal. If you need comps for your appeal, feel free to Contact Us and we can send them over to you.
*Deadline for Class 1 properties (1-3 family homes) is March 15th, and the deadline for Class 2 & 4 properties is April 1st.
Step 2 (NYC Tax Commission Appeal):
The next thing you’ll need to do is challenge your assessed value with the NYC tax commission. The link below will give you step by step instructions on how to go about getting an NYC tax commission review. This one is different in that it cannot be complete online. This process requires that certain forms be filled out, with supporting comps as well, and submitted either in person or by mail. If you need comps for your appeal, feel free to Contact Us and we can send them over to you.
*Deadline for Class 2, 3, & 4 properties is March 1st, and the deadline for Class 1 properties (1-3 family homes) is March 15th.
https://www1.nyc.gov/site/taxcommission/about/challenging-notice-of-property-value.page
Application Forms:
https://www1.nyc.gov/site/taxcommission/forms/application-forms.page
File in person or by mail:
THE TAX COMMISSION OFFICE
ONE CENTRE ST, ROOM 2400
NEW YORK, NY 10007
Hope this helps you homeowners out there!