The Notice of Property Value is issued by the NYC Department of Finance.
1. A description of your property including the size of the property in square feet, the size of the land in square feet, the number of residential units (apartments), the number of nonresidential units (stores, offices or other commercial space) and the number of floors. 2. The name of the owner of the property
3. The street address
4. The estimated market value
If any of the above information is incorrect, you have to contact the NYC Department of Finance to get it corrected. Please visit: urigellerinfo.com/site/finance/taxes/property-forms/property-forms-assessments-and-valuations.page
The Notice of Property Value also includes:
5. The assessed value
6. The tax class
IF YOU BELIEVE THE ASSESSED VALUE OR TAX CLASS IS INCORRECT, YOU CAN APPLY TO THE TAX COMMISSION FOR A REVIEW OF THOSE ITEMS.
The Notice of Property Value also includes:
7. Applicable exemptions (STAR, senior citizen, veteran’s, disability, clergy, J51, 421A or nonprofit)
If you believe the exemption listed is incorrect, or you applied for an exemption that does not appear on the notice or if the Department of Finance has sent you a notice that an exemption has been denied, removed or reduced, you can apply to the Tax Commission for a review of the exemption.
WHAT IS THE TAX COMMISSION?
The Tax Commission is a City agency separate from the Department of Finance created to give property owners an independent review of the assessed value of their property and related items as set by the Department of Finance.
HOW DO I GET A TAX COMMISSION REVIEW?
1. Complete and file an Application for Correction.
Be sure to use the right application form:
• TC108 FOR VALUATION CLAIMS FOR ALL TAX CLASS 1 PROPERTIES
• TC101 FOR VALUATION CLAIMS FOR TAX CLASS 2 OR 4 PROPERTIES, OTHER THAN CONDOMINIUM UNITS
• TC109 FOR VALUATION CLAIMS FOR CONDO UNITS IN TAX CLASS 2 OR 4
• TC106 FOR CLAIMS RELATING TO TAX CLASSIFICATION AND NONPROFIT AND COMMERCIAL (e.g. J51, 421-a) EXEMPTIONS
NOTE: If you are filing Form TC106, you must include all valuation claims on that form.
• TC106A – Senior and Disabled person exemptions
• TC106CV – Clergy or Veteran’s exemptions
• TC106S – STAR or Enhanced STAR exemptions
2. You must file your application by the deadline.
The filing deadlines are:
MARCH 1, FOR TAX CLASS 2, 3 AND 4 PROPERTIES.
MARCH 15, FOR TAX CLASS 1
The Tax Commission must RECEIVE your application by the deadline.
THESE DEADLINES CANNOT BE EXTENDED.
FILING A REQUEST FOR REVIEW WITH FINANCE IS NOT A SUBSTITUTE FOR FILING A TAX COMMISSION APPLICATION FOR CORRECTION.
If you are requesting a change in the tax class, the deadline that applies is the deadline for the tax class on the Notice of Property Value, not the tax class you are asking for.
NOTE: The filing deadline for the personal exemption forms is MAY 31, but if you want the Tax Commission to review the assessed value also, you must separately file the application form for the value claim by the March 1, or March 15 deadline.
DEADLINE EXCEPTION: If the Finance Department sent you a Revised Notice of Property Value dated after February 1 that INCREASES the assessed value or REDUCES OR REMOVES an exemption, you can file your application after the March 1 or March 15 deadline but the Tax Commission must receive your application no later than 20 calendar days after the date of the revised notice.
NOTE: The extended deadline does not apply if the Revised Notice of Property Value reduced the assessed value or added or increased an exemption.
3. All other required forms must be filed.
TC201 – rental properties
An accountant’s statement on Form TC309 may also be required IF THE ASSESSED VALUE IS $5 MILLION OR MORE
SEE TC600 FOR MORE INFORMATION ABOUT OTHER REQUIREMENTS AND OTHER FORMS THAT YOU MAY HAVE TO FILE.
You can get Tax Commission forms on this website or at:
• THE TAX COMMISSION OFFICE AT ONE CENTRE ST., ROOM 2400, IN MANHATTAN
• DEPARTMENT OF FINANCE BUSINESS CENTERS IN EACH BOROUGH:
Bronx - 3030 Third Avenue (East 156th Street): Business Centre 2nd Floor
Manhattan - 66 John Street (William Street): Business Center 2nd Floor
Brooklyn - 210 Joralemon Street Business Center
Queens - 144-06 94th Avenue (Sutphin Blvd): Business Center 1st Floor
Staten Island - 350 St. Marks Place (Hyatt St.): Business Center 1st Floor