![]() ![]() Some customers received newly redesigned statements of account in color. DOF will use the new (Fiscal 2024) tax rates for the November 2023 bills, with adjustments for the difference, for payments due on or after. DOF used the prior (Fiscal 2023) tax rate to compute the bills. On June 3, 2023, the Department of Finance sent the tax bills for payment due July 1, 2023. Brooklyn, Bronx, and Queens all had market value increases in tax class 2 rentals. ![]() Specific Manhattan market values changed as follows: tax class 2 rentals -3.54%, tax class 2 co-ops 0.00%, tax class 2 condos +6.95%, tax class 4 offices +5.42%, and tax class 4 retail +7.8%. When you combine changes in the taxable assessments and changes in the tax rates, citywide tax class 2 taxes will increase +8.19%, and tax class 4 taxes will decrease -1.56% over last year. The City’s taxable assessments increased +4.43% overall this year. Class 2 market values increased +1.06% this year and are up +1.15% above pre-COVID 2020/21. Class 4 market values increased +6.89% from 2022/23 but are still below pre-COVID 2020/21 because market values declined -17.42% from 2020/21 to 2021/22. Tax year 2023/24 assessments saw moderate increases this year. The tax class 2 (apartment buildings) tax rate had its biggest percent increase in 15 years and is the highest rate in 10 years. The tax class 4 (commercial) tax rate had its biggest percent decrease in 16 years and is the lowest rate in 22 years. The fiscal year 2024 ( – ) property tax rates will be as follows: The New York City Council agreed on the new $107 billion budget yesterday and is voting on it today. ![]()
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