City Releases FY2014 Property Tax Assessments

On Jan. 15, the city’s Department of Finance (DOF) released the tentative property assessment roll for fiscal year 2014, the tax year beginning July 1, 2013. According to the publication, the total market value of Class 2 properties, which consist primarily of cooperatives, condominiums, and rental apartment buildings, rose $9.4 billion, or 4.8 percent, to $204.6 billion citywide. Seventy-one percent of this increase, or $6.7 billion, is due to market forces, with the additional 29 percent coming from other changes, including new construction and physical improvements.

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