Increasing transparency and accountability in the real property tax assessment process

Summary

Currently, property tax assessors from the Department of Finance (DOF) are required to conduct a personal examination of every parcel of taxable real property once every three years and every parcel of non-taxable real property once every five years. This local law would require DOF to annually publish the list of all parcels that were personally examined by a property tax assessor identified by borough, block and lot and street address, the date on which the examination occurred, whether the parcel is taxable or non-taxable and the method by which the parcel was examined. In addition, the local law would require assessors to document the valuation method used to assess a parcel, including the reason such valuation method was chosen, and, where applicable, to document the comparable properties used to assess a parcel, including the reason such comparable properties were chosen. The local law would also require that DOF annually publish on its website the guides, manuals, protocols, policies or procedures used by the assessors to assess and value property. Lastly, this local law would require that the Notice of Property Value (NOPV) sent to cooperatives and condominiums list the comparable properties used to assess the value of the property and, where the comparable properties are different than those used in the prior tax year, the NOPV should indicate the fact of such change and the reason for the change.

Summary from NYC Council (Legistar). How we handle summaries

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Where it stands

Assigned to a committee for review.

Committee on Finance

Full history

1. Jan 29, 2026

   Introduced

   This Introduction was Introduced by Council

   NYC Council

2. Jan 29, 2026

   Referred to committee

   This Introduction was Referred to Comm by Council to the Committee on Finance

   NYC Council