NYC property tax timeline


Throughout the year, property owners will receive various documents from the Department of Finance (DOF) regarding your property taxes. This can be overwhelming if you just become a property owner or investor in NYC. Here is a summary of the timeline which helps you navigate the process, and understand various deadlines and due dates. This post is meant to supplement my other post on How property tax is calculated in NYC. You can access that post here.

January 15

DOF sends the annual Notice of Property Value (NOPV) with estimated tax to each building on 1/15 of every year. The NOPV lists the Market Value (AV), Assessed Value (AV) and estimated property taxes for the next fiscal year starting on July 1.

It shall be noted that DOF multiplies the AV by the tax rate to calculate the annual property tax. The tax rate for each fiscal year is established by the City Council in November, 4 months after the fiscal year has already begun. So the property tax listed in the NOPV for the next fiscal year is estimated using the current year’s tax rate. The final property tax will differ from this estimated value. The difference will be either charged or credited depending on how much the actual tax is compared to the estimated value. See more details below.

March 1

Once building owners (tax class 2/3/4) receive the NOPV in January, they have until March 1st to decide if they want to challenge the assessed value with the NYC Tax Commission, an independent agency separate from DOF. You can find more information on challenging your assessment here. I highly recommend the owners to engage a specialized tax certiorari attorney.

March 15

There are a number of benefits in the form of tax exemptions, abatements, and money-saving programs. Exemptions lower the amount of tax you owe by reducing the property’s assessed value. Abatements reduce the taxes by applying credits to the amount of taxes you owe, which we will discuss in Step 5. Some typical exemptions include 421a, J-51, veteran, senior citizen rent increase or homeowner, disabed rent increase or homeowner, disabled crime victim and good samaritan, clergy, etc. You can find more details on the exemptions here.

March 15 is the last day to apply for the tax exemptions to be included as part of next fiscal year’s property tax.

April 1

If you believe the DOF has made an error in determining the market value, you can challenge it by submitting a Request for Review (RFR) form to DOF. The deadline to do so is April 1.

June (first week)

You will receive the 1st installment of your quarterly property tax bills for next fiscal year starting July 1. Please note the property tax shown in this installment is based on current year’s tax rate. The final property tax will differ from this estimated value. This installment is usually due on July 1.

July 1

The date when the fiscal year as well as tax year begin.

August (last week)

You will receive the 2nd installment of your quarterly property tax bills for the current fiscal year started July 1. Again, the property tax shown in this installment is based on last year’s tax rate. This installment is usually due on October 1.

November

In early November, the City Council will establish the tax rate for the current fiscal year.

November (3rd week)

You will receive the 3rd installment of your quarterly property tax bills for the current fiscal year started July 1. Since, the tax rate for the current fiscal year was adopted by the City Council early that month, the 3rd installment will use the new tax rate and show the final property tax. The difference between the final tax and estimated value will be either charged or credited and shown in this 3rd installment bill. This installment is usually due on January 1.

Next February (last week)

You will receive the last installment of your quarterly property tax bills for the current fiscal year started July 1 of last year. This installment will continue to use the new tax rate adopted in November last year and show the final property tax for the current fiscal year. The difference between the final tax and estimated value will be either charged or credited and shown in this installment bill. This installment is usually due on April 1.

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