New York City Begins the Tax Year with the Tentative Tax Roll
New York City Begins the Tax Year with the Tentative Tax Roll
O'Connor discusses how New York City begins the tax year with the tentative tax roll.
NEW YORK, NY, UNITED STATES, February 18, 2026 /EINPresswire.com/ --New York City remains the epicenter of the world’s economy and continues to be one of the most in-demand living spaces in the nation. While prestigious, the real estate market and property taxes can make it difficult for residents, homeowners, and business owners to afford their property. In fact, the recent affordability trend in politics was sparked by elections, showing that the people of the city want a better way to stay in their homes.
As the tax season in New York finally begins, all eyes are on the developments and changes seen in NYC in the past year. It all begins with the tentative tax roll, which previews the values that will affect bills in the years to come. O'Connor will go over what tentative tax rolls are, how they govern future bills, and what property owners can do to see a lower figure when all is said and done.
What Are Tentative Property Appraisal Rolls?
Tentative rolls show how the assessment numbers for properties across New York have changed thanks to recent market events, documenting any rises or falls for residential and commercial properties. This is calculated by studying the sales of homes, businesses, and other types of real estate over a three-year period. The tentative rolls just released for New York City cover developments from 2023 to 2025, which will affect your 2027 tax bill.
Vital Information to Keep in Mind
While it may seem dull, this early preview of your assessment is one of the key steps in protecting a home or business. It allows owners to see if all of their exemptions are applied, ensures that their property is accurately classified, and allows them to check basic information right out of the gate. This means that owners can verify the general size of the property, the number of rooms, and additional buildings or construction, such as porches or garages. Spotting an error now can have big dividends in the future. This is especially true of exemptions, as they can grant some of the best savings in the state when used correctly. Owners do not want to be left holding the bag for a missed exemption or a garage that does not exist. These can be corrected by using a Request to Update, an appeal made specifically for these issues.
In addition to the basic information, the tax roll will also show owners the fair market value for their property. This is the theoretical price that the piece of real estate would sell for on the open market. This data is also used to calculate the assessed value of the property, which serves as the basis of the future tax bill. Owners should review this value along with other information given, as it could be significantly higher than the property’s true value. If this is the case, then owners may have the option of using a property tax appeal to get the value more in line with true market values. In other parts of New York, appeals are known as grievances, which can be confusing if owners are exploring the subject for the first time.
NYC Saw Rapid Growth in Property Value for Homes and Businesses
If New Yorkers own property in the city, its taxable value has almost certainly increased. The tentative appraisal roll revealed that NYC real estate is at a level never before seen in the city’s storied history. Combined, the value of all properties across the five boroughs is estimated to be around $1.80 trillion. This was made possible thanks to growth across all classes of property in the city. Family homes saw an increase in market value of 5.8%, accounting for over $781.70 billion alone. This translated to an increased taxable value of $27.2 billion. Class 2 properties, which include apartments, added over $27.10 billion in market value. These increases could certainly lead to higher rents and mortgages across the city and represent one of the largest threats to people struggling to stay in their homes.
Commercial properties got in on the act as well. These accounts saw an increase of over 3.8% in market value, resulting in an assessed total value of $135.90 billion. This was thanks to a growing demand for office space, which has recovered well since the pandemic. While many cities, like Chicago, are struggling to fill retail, office, and other elite spaces, the demand for these properties in NYC has never been higher. This increased demand and other market pressures have made commercial property in NYC some of the most expensive in the nation, while also driving up tax bills for businesses. This is why business owners in NYC typically appeal their property assessments annually, as it acts as a counterbalance to growing values and excessive assessments.
NYC Property Tax Appeal Deadlines
As the name would suggest, tentative rolls are only temporary, but they can become permanent if owners fail to protest in time. Family homes and businesses use two separate due dates when it comes to appeals. For business owners, they must be especially on the ball, as they have a more complex case and a shorter window to appeal. Single family homes, also known as Class 1 properties, face an appellate deadline of March 15, 2026. Classes 2-4, which include apartments, utilities, and commercial real estate, must file their appeals by March 1, 2026. This means that time is of the essence to protest these record values.
About O'Connor:
O’Connor is one of the largest property tax consulting firms, representing 185,000 clients in 49 states and Canada, handling about 295,000 protests in 2024, with residential property tax reduction services in Texas, Illinois, Georgia, and New York. O’Connor’s possesses the resources and market expertise in the areas of property tax, cost segregation, commercial and residential real estate appraisals. The firm was founded in 1974 and employs a team of 1,000 worldwide. O’Connor’s core focus is enriching the lives of property owners through cost effective tax reduction.
Property owners interested in assistance appealing their assessment can enroll in O’Connor’s Property Tax Protection Program ™. There is no upfront fee, or any fee unless we reduce your property taxes, and easy online enrollment only takes 2 to 3 minutes.
Patrick O'Connor, President
O'Connor
+ +1 713-375-4128
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