NYC Tentative Tax Roll Real Estate Values Reach $1.659 Trillion, Office Real Estate Shows Stronger Gains

The New York City Department of Finance (DOF) released the Fiscal Year 2027 (FY27) Tentative Property Tax Assessment Roll on Thursday, January 15, revealing total market value of all New York City properties reached $1.659 trillion, representing a 5.4% increase from FY26.

The citywide taxable assessed value, which is the portion of market value to which tax rates are applied, increased by 5.6% to $325.8 billion during the same period, according to the DOF's press release.

Construction Activity Across Boroughs

Real estate activity over the twelve-month period from January 6, 2025, to January 5, 2026, the annual taxable status date, was used to determine market values for FY27. Income and expense information for commercial properties during calendar year 2024 and submitted to DOF in 2025 also factored into the valuations.

Citywide construction activity added $11.8 billion in new market value. Manhattan, Brooklyn, and Queens accounted for 86.5% of the overall construction activity throughout the city. The Bronx registered the highest percent increase of 1.2% in construction activity among the five boroughs.

Office Real Estate and Retail Real Estate Post Stronger Gains

While the citywide property values increased for the FY27 tentative tax roll real estate, the growth was slightly more moderate than the 5.7% rise in FY26. The residential market reflected solid gains in value among the class categories.

Office real estate, retail real estate, and hotel properties posted stronger gains than in the prior year.

Assessment Roll Methodology

The tentative tax roll real estate values are based on market activity and financial data from the specified assessment period. For commercial properties, the DOF analyzed income and expense information from calendar year 2024 that was submitted in 2025 to determine market values for the upcoming fiscal year.

The FY27 tentative assessment roll marks a continuation of growth in New York City property values, though at a slightly more moderate pace than the previous fiscal year.