Every January the NYC Department of Finance mails property owners a “Notice of Property Value” which may be INACCURATE. This notice provides an ESTIMATE of your property’s market value (among other things). It values one, two, and three family homes based upon sales of “similar” properties. HOWEVER, the City does not inspect your home: The City does not take into consideration the specific location of your home – beach block? Bay block? Etc.
They do not enter your home. They don’t know how many bedrooms or bathrooms you have. They don’t know how much parking you have, etc.
They don’t know the house’s condition – needs work? New kitchen?
Consequently, your home could be overvalued or undervalued by a substantial amount because SIMILAR properties which the City uses to compare with your home may NOT be similar. However, the market value which the City uses determines your property tax bill. If you think that your property’s value and assessment are inaccurate you can file an “Application for Correction” with the NYC Tax Commission by March 1 -available on the internet. If you want an ACCURATE comparative market analysis, then call me.