Brooklyn Property Tax Search

Market Value

The estimated worth of a property as determined by the NYC Department of Finance, based on factors such as size, location, property type, and, where applicable, income potential, in accordance with New York State guidelines.

Assessed Value

A property's assessed value represents the portion of its market value used to calculate property taxes, determined by an assessment ratio based on tax class. Class 1 properties are assessed at 6% of market value, while classes 2, 3 and 4 are assessed at 45%.

Transitional Value

To protect property owners from sharp increases in property taxes, the city phases in changes to assessed value over five years, applying 20% of the increase annually. Each year, both the actual assessed value and a transitional (phased-in) value are calculated, and the lower of the two is used to determine the tax bill. However, any physical improvements to the property are fully assessed immediately and are not phased in.

The assessed value of this property has increased in prior years and is currently being phased in. As the property is classified under tax class 1, the assessment is subject to statutory limitations and may not increase by more than 6% annually or 20% over a five-year period.

Taxable Value

The taxable value for the 26/27 tax period is the lower amount between the city's net assessed value and the transitional net assessed value.