How To Challenge NYC Tax Assessments with Glenn Newman, Esq. of Greenberg Traugig, LLC.
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On January 15th of every year, the New York City Department of Finance sends out one million notices of property value to people who own property in the city of New York. Those notices are also posted on the Finance Department website so that they are available for people to see. The notices contain the estimated market value that Finance thinks your property is worth, the assessed value, and in some instances, a transitional value.
The tax that you will pay on the July 1, the beginning of the city's fiscal year, can be approximated by looking at the lower of the assessed value or the transitional value and applying the tax rate that is appropriate for that tax class property.