NYC's Department of Finance (DOF) has issued its annual tentative property tax assessment roll indicating that NYC-determined commercial property values have increased.

DOF's tentative assessed values of office buildings rises 2.5% from FY 2024 to FY 2025, which is July through June, with taxable assessed values recording increases of 3.4% for trophy offices, 3% for Class A offices and 2.6% for Class B office space.

DOF Commissioner Preston Niblack said in a release that the tax roll is indicative of the recovery that the city's real estate market has experienced over the past year.

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