What is a NYC Notice of Property Value (NOPV) and what do I do with it?
What is a NYC Notice of Property Value (NOPV) and what do I do with it?
The Notice of Property Value (NOPV) is the statement the NYC Department of Finance mails around January 15 showing your property's market value, assessed value, and exemptions for the coming tax year — review it and challenge errors with the Tax Commission by the March deadline.
If you own property in New York City, the Notice of Property Value (NOPV) is the document that kicks off your annual chance to appeal.
What it is. The NYC Department of Finance mails the NOPV on or about January 15 each year. It states the city's estimate of your property's market value, the assessed value, the tax class, and any exemptions applicable to the tax year that begins July 1. See Notice of Property Value.
It is not a bill. The NOPV does not contain a tax amount — it is the valuation notice. The actual property-tax bill comes later. The NOPV exists so you can check the numbers and challenge them before they become final.
What to check.
- Property description: square footage, number of units, building class, lot size. Factual errors here are among the strongest grounds for a reduction.
- Market value: compare the city's estimate against recent sales of similar nearby properties.
- Tax class: Class 1 (1-3 family homes) vs. Class 2 (co-ops, condos, rentals of 4+ units) determines your deadline and assessment rules.
Your move. If the value is too high or the description is wrong, file a challenge with the NYC Tax Commission — Form TC108 for Class 1, TC109 for Class 2/4 condo units — by March 15 (Class 1) or March 1 (Classes 2, 3, 4). Deadlines cannot be extended.
Because the NOPV arrives in mid-January and the appeal closes by mid-March, NYC owners get a short, fixed window — read the NOPV the day it arrives and act if the numbers look off.