New York & Tri-State + Downtown New York + Finance | January 18, 2023

NYC Property Values Rise 6% to $1.5 Trillion

The total market value of all New York City properties for fiscal year 2024 is $1.479 trillion, a 6.1% increase from FY 2023, the New York City Department of Finance announced. Citywide taxable billable assessed value, the portion of market value to which tax rates are applied, increased by 4.4% to $286.8 billion.

“New York City continues to show mixed signs of growth and economic recovery, with the FY24 tentative property assessment roll reflecting improvements in subsectors of the residential market while key commercial sectors still lag behind pre-pandemic levels despite modest growth over the past year,” said Department of Finance Commissioner Preston Niblack.

He continued, “The decline in office occupancy continues to impact retail stores and hotels in the city contributing to the sector’s slow recovery. At the same time, single-family homes, which constitute a majority of residential properties, have exhibited a robust recovery and continued growth.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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