NYC Property Owners Face Tax Hike This Year, With Brooklyn Seeing 11.1% Increase

New York Post

The city Department of Finance let the cat out of the bag about a pending property tax hike when it released preliminary assessment rolls for properties last week, covering the fiscal year July 1, 2026, through June 30, 2027. The rolls partially dictate forthcoming hikes.

Property taxes will rise to account for the surging market value of the city’s housing stock, not a hike in the tax rate.

DOF reported that:

– For Class 1 properties covering one-to-three family homes, assessed values rose an average of 4.7%.

– Staten Island homes had the greatest percentage increase in assessed value, up 5.1%.

– Assessments jumped an average of 6.2% on Class 2 properties covering co-ops, condos and rental apartment buildings.

– In Mamdani-loving Brooklyn, co-op and apartment buildings saw an 11.1% increase, the highest in the city.

– For commercial properties, assessment increased by 5.8%.

– Commercial properties in the Bronx saw the largest increase in assessed value, at 11%.

– Assessed value for office buildings increased by 4.2%, and retail buildings saw a 5.9% increase.

– Brooklyn had the largest increase in assessed value for retail buildings at 7.6%