New York State Comptroller Thomas P. DiNapoli today released the following statement on New York City’s property tax assessments:

“The release of New York City’s tentative property assessment roll suggests a bright spot for New York City’s finances entering fiscal year (FY) 2023, amid uncertainty in the city's economic recovery and its impact on city property taxes, the largest source of city revenues.

“Commercial and industrial properties' (Class IV) market values, the largest component of which are office buildings, are expected to increase by 11.7% in FY 2023, reaching levels just short of the peak in FY 2021. Multi-family residential (Class II) market value growth also exceeded 8%, allowing the city’s total overall market values to grow by nearly 8.2% and exceed pre-pandemic levels.

“The city currently projects growth of 2.6% in property taxes in FY 2023. Given the tentative increase to taxable assessed values of more than 8%, city revenues are likely to experience improvement upward when they are updated in the Mayor's preliminary budget plan, due by mid-February.

“City officials can leverage this improvement in its revenue picture to focus on boosting reserves to guard against economic and fiscal uncertainties.”

Track state and local government spending at Open Book New York. Under State Comptroller DiNapoli’s open data initiative, search millions of state and local government financial records, track state contracts, and find commonly requested data.