New York City Department of Finance Commissioner Jacques today announced the publication of the tentative assessment roll for Fiscal Year 2021 (FY21). The roll demonstrates an increase in New York City property values and reflects a continued increase in new construction activity citywide.
The tentative roll shows the total market value of all New York City properties for FY21 is about $1.378 trillion, an increase of $62 billion, or 4.7 percent, from Fiscal Year 2020. Seventy six percent of the increase reflects market forces while the rest reflects new construction and apportionments. Citywide assessed values rose by 6.7 percent, to $273.8 billion in FY21.
“New York City continues growing, and this year’s roll confirms that construction activity remains strong across the five boroughs,” said Department of Finance Commissioner Jacques Jiha.
The roll reflects total citywide construction activity surpassing a record $14 billion in new market value, the highest level in the last 10 years. Rental apartments account for $4.4 billion, or 31.6 percent, of citywide construction activity. Collectively, Manhattan, Brooklyn and Queens make up the vast majority of all construction activity for rental apartments, at 92.7 percent.