Property Assessments Climb for NYC FY27 Roll

NYC’s FY27 property assessments rise 5.4% to $1.659T, driven by office rebounds, new construction, and higher multifamily tax burdens.

January 20, 2026

Valerija I.

Property assessments for FY27 show NYC market value up 5.4% to $1.659T, with taxable billable assessed value rising 5.6%.
Commercial property, especially office, retail, and hotels, recorded stronger gains compared to last year.
Manhattan trophy offices gained in value, but total Class A office area shrank, likely due to conversions.
Average single-family home value hit $1M for the first time; multifamily tax burdens and per-unit taxes reached new highs.

Key Takeaways

Citywide Property Assessments Hit New Highs

The New York City Department of Finance (DOF) released the tentative property tax assessment roll for Fiscal Year 2027, setting new records with a total citywide market value of $1.659 trillion—a 5.4% increase from last year. Taxable billable assessed value also climbed 5.6% to $325.8B, underscoring the ongoing strength of the city’s residential and commercial real estate markets.

DOF emphasizes a solid residential sector alongside notable rebounds in office, retail, and hotel segments. New construction generated $11.8B in added market value, with major projects like the JP Morgan Chase headquarters accounting for a significant portion of the gains.

Office Market Shows Split Trends

Property assessments reveal diverging trends within the Manhattan office sector. Trophy offices recorded roughly a 3.9% market value rise, translating to average property taxes of $23.67 PSF. However, the total Class A office inventory declined by about 5.55M KSF (4.6%), with market value losses likely linked to office-to-residential conversions and reclassifications.

Overall, commercial properties citywide saw a 4.3% increase in market value, with assessed values rising 5.8%. The Bronx led all boroughs with the highest percentage increases in both market and assessed value among commercial assets.

Multifamily Taxes Reach Record Levels

Manhattan rental apartments posted a 4.8% market value increase (due to market forces), and co-op market values gained 4.3%. Assessments highlight growing tax burdens, with average per-unit taxes at $1,940 per month for condo apartments and $1,370 for co-ops. The roll also reflects ongoing market reclassification effects, shifting substantial value from unregulated to regulated rental units.

DOF’s reductions in market values for major complexes like Stuyvesant Town and Peter Cooper Village did not prevent their taxable assessments from increasing, spotlighting rising costs for owners and residents alike.

Major Construction Moves the Needle

Construction activity was concentrated in Manhattan, Brooklyn, and Queens, with one marquee project—the 2.05M KSF JP Morgan Chase building—singlehandedly accounting for over 6% of all new citywide construction market value. The project’s contribution highlights the outsized impact of mega-developments on annual property assessments.

What’s Next for Property Owners

Property owners may challenge their tentative FY27 assessments before the final roll is issued in May, with deadlines varying by property class. The spike in assessed values has already triggered a wave of appeals and anxiety among owners, particularly those facing steep jumps in tax burdens. DOF continues to offer property tax benefit programs and payment plans to assist qualifying owners. The final roll, which incorporates appeals and updates, will determine tax bills for the fiscal year starting July 1.