NYC Property Tax, Explained: Classes, Caps, and the FY27 Fight

TL;DR

• NYC operates a four-class property tax system created by NY Real Property Tax Law sections 1801-1805 (the 1981 S7000A legislation). Class 1 (1-3 family residential) is assessed at 6 percent of market value, capped 6/20 percent annually/five-year. Class 2 (apartments, co-ops, condos) at 45 percent, 8/30 percent on Class 2 small. Class 3 utility, Class 4 commercial, both at 45 percent. The 6-versus-45 gap drives everything.
• FY26 rates after the October 29, 2025 revision: Class 1 19.843% / Class 2 12.439% / Class 3 11.108% / Class 4 10.848%. The Class 4 rate is the highest commercial rate since 2006-07.
• Class 1 holds roughly 49 percent of citywide market value but bears 14.866 percent of the FY26 levy. That mismatch is the numerical anchor of the structural unfairness Tax Equity Now NY (TENNY) is litigating.
• The 9.5 percent FY27 rate hike is dead. Mamdani dropped it from the May 12, 2026 Executive Budget ($124.7B, down from $127.0B Preliminary), closing the gap via an assumed $500M state pied-à-terre tax, $2.3B in pension restructuring, and shifted cost burdens.
• DOF Commissioner Richard Lee was appointed March 20, 2026 (replacing Adams holdover Preston Niblack). He signs the Notice of Property Value mailed each January.
• The TENNY Court of Appeals decision (March 19, 2024) was 4-3, not unanimous. Majority by Judge Jenny Rivera; dissent by Garcia, Singas, and Cannataro. Case is in active litigation on remand at NY Supreme Court.

If you own a NYC apartment, brownstone, co-op share, or commercial building, you pay into a property tax system structurally unlike any peer US city. This page is the structural map plus the calculation mechanic plus the unfairness math plus the FY27 case study plus the engagement playbook plus the reform fight in one frame. For the broader $127 billion fiscal picture this $40.4 billion revenue line sits inside, how the NYC budget process works is the parent map.

What NYC’s Four-Class Property Tax System Actually Is

NYC’s property tax architecture was created by NY State Real Property Tax Law sections 1801-1805, the 1981 S7000A reform package. The trigger was the 1975 NY Court of Appeals decision in Hellerstein v. Assessor of Town of Islip, which struck down the state’s fractional-assessment practice as inconsistent with the RPTL’s full-value mandate. S7000A’s response: codify fractional assessment by splitting properties into four classes, each with its own level of assessment and statutory growth caps.

• Class 1: one-, two-, and three-family residential. Brownstones, row houses, small single-family homes. Dominant in Staten Island, eastern Queens, parts of the Bronx, and parts of Brooklyn. LOA: 6 percent. Cap: 6 percent annual / 20 percent five-year.
• Class 2: residential of four units and larger: apartment buildings, co-ops, condos, large rentals. Subdivided into 2a (4-6 units), 2b (7-10), 2c (11+, intersecting with rent stabilization), and Class 2 large. LOA: 45 percent. Class 2 small (10 or fewer units): 8/30 percent cap. Class 2 large: no statutory cap, five-year transitional phasing.
• Class 3: utility property: Con Ed transmission, gas distribution, water mains. LOA: 45 percent.
• Class 4: commercial and industrial: office towers, retail, warehouses, hotels, parking garages, billboards. LOA: 45 percent. Five-year transitional phasing.

The 6-versus-45 percent gap between Class 1 and the other classes is the structural decision driving everything. A $3 million Class 1 brownstone has a notional assessed value of $180,000; a $3 million Class 4 office building has a notional assessed value of $1,350,000. No other US city replicates this architecture.

How Your Tax Bill Is Actually Calculated

Every NYC property tax bill follows the same four-step sequence.

Step 1: market value. DOF estimates market value annually. Class 1 uses comparable sales; Class 2 and Class 4 use the income capitalization approach (net operating income divided by a capitalization rate); Class 3 uses utility-specific methodology. DOF mails the Notice of Property Value (NOPV) to every property owner in mid-January. (Class 1 NOPVs don’t print market value on the face; only assessed values.)

Step 2: assessed value. Market value times level of assessment. Class 1: 6 percent. Class 2, 3, 4: 45 percent.

Step 3: caps and transitional assessment. Class 1 and Class 2 small caps (6/20 percent and 8/30 percent) suppress assessed-value growth even when market value rises. Class 2 large and Class 4 use five-year transitional phasing. The billable assessed value (what tax actually applies to) is typically below notional value because of these caps. Decades of the Class 1 cap produce billable values dramatically lower than current notional values.

Step 4: tax rate. Each class has its own rate, set by the City Council annually. Council adopted interim FY26 rates June 30, 2025 and revised them October 29, 2025, applying a 1 percent class shares cap rather than the standard 5 percent under NY Assembly Bill A08629. The revision shifted burden from Class 1 and Class 3 toward Class 2 and Class 4. The final FY26 rates, retroactive to July 1, 2025:

Two numbers carry the story. The Class 1 rate of 19.843 percent is the lowest Class 1 rate in roughly a decade, while the Class 4 rate of 10.848 percent is the highest Class 4 rate since FY2006-07. The Class 4 increase to 10.848 percent is the under-recognized 2025-26 NYC story REBNY and the commercial real-estate lobby have been quietly resisting.

Billable assessed value times class tax rate equals annual property tax. The worked example: a $3 million Class 1 brownstone with notional assessed value of $180,000, suppressed via fifteen years of 6 percent capping down to a $50,000 billable AV, at the 19.843 percent Class 1 rate, lands at roughly $9,920 in annual tax. Effective tax rate on $3 million market value: about 0.33 percent.

The FY26 levy totals approximately $37.98 billion. Class shares (Adjusted Base Proportions):

Class 1 holds roughly 49 percent of citywide market value but bears under 15 percent of the levy. The mismatch is the load-bearing fact in the next section.

Why Same-Market-Value Buildings Pay Wildly Different Taxes

The structural unfairness made concrete. Three worked examples in three named NYC neighborhoods.

Park Slope brownstone (Class 1). A representative recently traded townhouse on 6th Avenue between 1st and 2nd Streets, $3 million market value. Notional assessed value at 6 percent LOA: $180,000. Billable assessed value, suppressed through a decade-plus of the 6 percent annual cap: roughly $50,000. Tax rate: 19.843 percent. Annual tax: roughly $9,920. Effective rate: about 0.33 percent. IBO’s 2016 analysis of 474 Dean Street put the block’s effective rate at 0.23 percent. IBO’s documented example of a “rapidly-appreciating area where effective tax rates tend to fall.”

Mott Haven walkup (Class 2 small). A 6-unit pre-war walkup near East 138th Street and Alexander Avenue, $2 million market value. Notional assessed value at 45 percent: $900,000. Billable assessed value, with the 8/30 percent cap less effective because the starting point is higher: roughly $600,000. Tax rate: 12.439 percent. Annual tax: roughly $75,000. Effective rate: about 3.75 percent. Eleven times the Park Slope effective rate on a property worth two-thirds as much.

Forest Hills co-op (Class 2 large). A two-bedroom in Forest Hills Gardens-adjacent buildings, $700,000 unit market value. Co-ops are assessed at the building level via income capitalization, allocated to units pro rata. Per-unit billable assessed value: roughly $200,000. Tax rate: 12.439 percent. After the Cooperative/Condominium Property Tax Abatement (CCPTA) at the 17.5 to 28.1 percent reduction tier for primary residence shareholders: annual per-unit tax around $9,000. Effective rate: about 1.3 percent. Four times the Park Slope rate.

The three examples side by side:

The citywide bracket math: Class 1 effective rates cluster around 0.3 to 0.7 percent; Class 2 large around 1.0 to 2.0 percent; Class 4 commercial around 2.5 to 5.0 percent. Same dollar of real estate wealth, very different bill.

The political-economy reading: the Class 1 cap structurally protects single-family-home neighborhoods (predominantly outer-borough) at the cost of higher effective rates on apartment renters and commercial tenants (whose landlords pass property tax through into rent and lease pricing). REBNY opposes reform shifting more burden onto Class 4. Class 1 homeowners oppose reform raising their effective rates. TENNY’s coalition argues both should bear more proportional burden. There is no consensus answer.

Where the $40.4 Billion Actually Goes

Per Comptroller Mark Levine’s March 11, 2026 Comments on the Preliminary Budget, FY27 general property tax revenue is projected at $40.4 billion. the largest single revenue line in Mamdani’s $127.0 billion Preliminary, roughly 32 percent of total city revenue. The number stays roughly stable in the May 12 Executive Budget at $124.7 billion. Other taxes (PIT, sales, business, mortgage recording, hotel) at $50.2 billion. Federal aid at $7.4 billion / 6.4 percent of FY26 spending per State Comptroller DiNapoli’s April 2025 analysis.

Property tax dominates because everything else is constrained. PIT rates are set by Albany, not the City. Sales tax is shared with the state. The corporate tax base is mobile. Federal aid is exposed: the $7.4 billion baseline carries OBBBA-cliff risk on the Medicaid work requirement effective January 1, 2027. For the federal-exposure picture, how the NYC budget process works is the map.

Where the $40.4 billion goes: schools and capital debt service together typically consume more than half. DOE’s tax-levy baseline runs $15-17 billion. Debt service runs near $8 billion FY27. Public safety (NYPD, FDNY, DOC) takes another fifth. Public assistance, parks, sanitation, libraries, cultural institutions fill the rest. NYC’s property-tax-dominant revenue mix is unusual among large US cities: a 9.5 percent across-the-board shift translates into the $3.7 billion the FY27 Preliminary used as its negotiating threat and then traded away.

How a Property-Tax Threat Got Used and Dropped: The 9.5 Percent That Wasn’t

The FY27 cycle is the case study in how property tax functions as budget leverage even when the rate hike itself never lands.

February 17, 2026. Preliminary Budget. Mamdani’s $127.0 billion FY27 Preliminary included a 9.5 percent property tax rate increase generating $3.7 billion, framed as contingent on the absence of state aid. The Mayor’s framing: the rate increase “could be reconsidered if the State authorizes higher taxes on high-income earners and profitable corporations.”

February 17, 2026. DiNapoli’s read. State Comptroller Tom DiNapoli’s same-day statement contested the city’s framing directly, describing the hike as “part of the actual budget proposal rather than a contingency measure.”

April 1, 2026. Council Response. Speaker Julie Menin and Finance Chair Linda Lee (D-23, Eastern Queens) identified $6 billion in alternative resources explicitly to avoid the property tax hike: $3.5 billion in re-estimations, $2 billion in efficiencies and reforms, $529 million in revenue enhancements. Bronx BP Vanessa L. Gibson was publicly opposed throughout, naming the Bronx’s working-class homeowner base.

May 12, 2026. Executive Budget drops the hike. Mamdani released the FY27 Executive at $124.7 billion, down from $127.0 billion. The 9.5 percent rate increase was removed. Bloomberg headlined “Mamdani Drops NYC Property Tax Hike From Revised Budget Plan.” The gap was closed via three substitution moves: an assumed $500 million from a new state pied-à-terre tax (CNBC’s May 12 coverage noted “details not yet publicly confirmed”; Albany cooperation required); $2.3 billion in pension restructuring savings; and shifted cost burdens to future fiscal years.

The political-economy lesson: the 9.5 percent threat was the leverage that moved the pied-à-terre tax and pension restructuring into the negotiated package. DiNapoli’s “actual budget proposal” framing was partially vindicated. The rate did not land, but its presence reshaped what did.

Had it landed, by class:

• Class 1 Park Slope brownstone (~$9,920 current) → about $10,860.
• Class 1 Bronx semi-detached (~$4,500) → about $4,930. Smaller dollar, larger household-share impact (Gibson’s framing).
• Class 2 small Mott Haven walkup (~$75,000) → about $82,100. Pass-through into rent: roughly $98/month per unit on a 6-unit building.
• Class 4 Midtown office (~$2M annual on a $50M building) → about $2.19M. Negotiated into lease renewals; passed to tenants.

FY27 Council adoption is expected on or near June 30, 2026. The negotiated package incorporates the $500 million pied-à-terre assumption (Albany pending) and $2.3 billion pension restructuring (actuarial review pending). For the state-aid layer, the 2026 NY state budget and what it means for NYC is the satellite.

The 421-a / 485-x Bridge to Affordable Housing

The property tax system is also the primary tool NYC uses to subsidize new housing construction. The bridge runs through 421-a (created 1971; expired June 15, 2022; legacy projects continue) and its successor 485-x (adopted April 20, 2024 as NY RPTL section 485-x, Affordable Neighborhoods for New Yorkers).

A qualifying new residential building receives a multi-decade exemption, typically 35 years under 485-x; 25-35 years under legacy 421-a tiers. Without it, the Class 2 large rate at 12.439 percent on a 45 percent LOA would make new rental and condo construction financially unviable at NYC’s rents. The abatement is the structural reason new market-rate residential construction happens at all.

Foregone revenue: 421-a alone cost the City $1.958 billion in FY25 per the Comptroller’s FY25 Annual Comprehensive Financial Report, the largest single property-tax-expenditure line on the City’s books.

What 485-x changes from 421-a. Construction window: after June 15, 2022 and on or before June 15, 2034. Completion deadline: before June 15, 2038. The structural shift: 485-x income-restricted units are permanently affordable AND permanently rent-stabilized. Under 421-a, income-restricted units typically reverted to market rate at the end of the abatement window.

The cross-cluster bridge. 485-x income-restricted units are allocated through HPD’s lottery portal; see the NYC Housing Connect lottery guide for the AMI grid, the random log number mechanic, the 20 percent community preference, and the documentation-stage drop-off. For the broader housing regulatory architecture, the NYC housing guide is the parent.

There is also a smaller co-op and condo abatement. The CCPTA reduces primary-residence shareholders’ unit-allocated tax bills: 28.1 percent for units with average assessed value at or under $50,000; stepping down through 25.2, 22.5, and 17.5 percent at higher tiers. Eligibility requires primary residence (not LLC-held), no more than three units in the same development, and (for condos) a recorded ACRIS deed. 2026 renewal and prevailing-wage-affidavit deadline: February 17, 2026.

How a Property Owner Actually Engages: Assessment, Grievance, Appeal

Three steps and three deadlines.

Step 1: read your Notice of Property Value (NOPV). DOF mails the NOPV in mid-January (January 15 for the FY26 cycle). It shows the market value estimate, the notional and billable assessed values, and a prior-year comparison. Gather comparable sales (Class 1) or recent rent rolls (Class 2/4) to test whether DOF’s estimate holds.

Step 2: file a grievance with the NYC Tax Commission. The Tax Commission is an independent administrative agency, not DOF. Filing is free; representation is optional.

The 2026 deadlines and forms are unforgiving:

The statutory deadlines are March 15 (Class 1) and March 1 (Class 2/4), but both fall on a Sunday in 2026, so the operative deadlines shift to the following Monday. Filing address: 1 Centre Street, Room 2400. Extensions are not allowed under the City Charter.

Step 3: Article 7 court appeal. If denied, an Article 7 proceeding in NY Supreme Court within four months of final agency action under CPLR section 217. Procedural mechanics in NY RPTL section 700 et seq. Commercial appeal-services firms typically handle Article 7 representation.

A smaller-claims alternative for Class 1: Small Claims Assessment Review (SCAR) under NY RPTL section 730. Filing fee nominal ($30); standard of review more permissive than Article 7. Generally worth pursuing for Class 1 owners with significant bills and a documentable assessment error.

The practical math. For Class 4 commercial and large Class 2 buildings, Article 7 is frequently worth the legal fees. For Class 1 owners with bills under $10,000, time cost typically exceeds recovery; SCAR or the Tax Commission grievance are proportionate.

For homeowners over 65 with limited income, the Senior Citizen Homeowners’ Exemption (SCHE) and Disabled Homeowners’ Exemption (DHE) reduce assessed value up to 50 percent on tiered income limits. STAR and Enhanced STAR cover separate school-tax savings. All run through DOF on different calendars from the grievance deadlines.

Tax Equity Now: The Coalition Fighting to Reform the System

The political-reform story the SERP top-10 does not publish as a coherent narrative.

The coalition. Tax Equity Now New York (TENNY) is a coalition of civil rights, fair housing, and homeowner organizations including the NAACP, Latino Justice PRLDEF, and a range of NYC-specific advocacy groups. Coordinated under Martha Stark, Policy Director and co-founder. Stark was NYC Finance Commissioner from 2002 to 2009 under Bloomberg and is now Clinical Professor of Practice at NYU’s Wagner School. She is the rare former DOF Commissioner who now leads a coalition suing her former agency. Former NY Chief Judge Jonathan Lippman is part of TENNY’s legal team.

The 2017 lawsuit. Filed April 25, 2017 in NY Supreme Court (Manhattan). Defendants: NYC, NY State, and the State Board of Real Property Tax Services. Core claims: NYC’s four-class system violates the federal Fair Housing Act’s disparate-impact standard by systematically over-taxing neighborhoods with higher minority populations relative to property values, and NY RPTL section 305(2) uniformity provisions.

The procedural history. Trial court dismissed in January 2020. Appellate Division First Department affirmed in part in 2021. The NY Court of Appeals reversed on March 19, 2024 in a 4-3 decision. not unanimous. Majority opinion by Judge Jenny Rivera. Dissenters: Judges Garcia, Singas, and Cannataro.

The majority held three things. State defendants were properly dismissed because “the gravamen of the complaint is a challenge to the City’s real property tax scheme.” The City violated RPTL section 305(2) uniformity for both Class 1 and Class 2. The federal Fair Housing Act disparate-impact claim survives at the pleading stage, rejecting a “robust causality” requirement that would have forced TENNY to prove discriminatory intent before discovery.

Case sent back to NY Supreme Court for adjudication. As of June 2026, the case remains in active litigation on remand. No public substantive ruling has surfaced post-March 2024.

What’s at stake. A TENNY victory would require NYC to restructure the four-class system: reduced Class 1 caps, higher Class 1 levels of assessment, or rate equalization across classes. Any meaningful equalization shifts billions in tax burden, with Class 1 homeowners absorbing the most. The Class 1 cap protects the politically powerful single-family-home outer-borough base.

Per Holland & Knight’s March 2025 analysis, only the NY State Legislature can alter the Real Property Tax Law. meaningful structural reform requires Albany action. Citizens Budget Commission, Cadwalader, and the NYU Furman Center publicly supported TENNY’s revival. REBNY opposes reform shifting more burden to Class 4.

The named operational principals on the City side: Mayor Zohran Mamdani, DOF Commissioner Richard Lee (appointed March 20, 2026), Comptroller Mark Levine, OMB Director Sherif Soliman, Council Speaker Julie Menin and Finance Chair Linda Lee (D-23), IBO Director Louisa Chafee, and Bronx BP Vanessa L. Gibson.

The S7000A structure has survived 45 years. The next five may be the inflection.

Read Next

• How the NYC Budget Process Works. The parent pillar. The $124.7B Executive Charter timeline, the four-actor architecture, the federal-exposure picture, and the FY27 cycle that produced and then dropped the 9.5 percent hike.
• NYC Housing Guide. The cross-cluster bridge. How 421-a and 485-x shape the supply pipeline and how landlord property tax flows into rent pressure.
• NYC Housing Connect Lottery, Explained. How 485-x income-restricted units are allocated.
• NY State Budget 2026: What It Means for NYC. The state-aid contingency that decided whether the 9.5 percent hike landed, and the pied-à-terre tax assumption Mamdani is now relying on.
• About NYC Daily TL;DR. The operating constitution behind every claim on this page.

Sources

• NY State Real Property Tax Law, Articles 18 and 7: §§1801-1805 (four-class system, S7000A 1981); §1805 (Class 1 6%/20% and Class 2 small 8%/30% assessment caps); §305(2) (uniformity); §700 et seq. (Article 7 judicial appeal); §730 et seq. (Small Claims Assessment Review). nysenate.gov.
• NYC Department of Finance. Property Classification, Property Tax Rates, Notice of Property Value, Cooperative and Condominium Abatement, Calculating Your Annual Property Tax: operational pages governing classification, assessment, rates, NOPV timing, the CCPTA tiered schedule, and the bill mechanic. nyc.gov/site/finance.
• NYC DOF FY26 Tentative Assessment Roll: class shares, parcel counts, market value vs assessed value comparisons. nyc.gov/site/finance.
• NYC Mayor’s Office. Mamdani Appoints Richard Lee as DOF Commissioner (March 2026): appointment date, biographical context, replacement of Preston Niblack. nyc.gov/mayors-office.
• NYC Mayor’s Office. Transcript: Mamdani Releases $124.7B Executive Budget for FY27 (May 12, 2026): Executive Budget release, removal of 9.5 percent rate hike, pied-à-terre tax assumption, pension restructuring. nyc.gov/mayors-office.
• NYC Mayor’s Office. Preliminary Budget release (February 17, 2026): $127.0B Preliminary, contingent 9.5 percent / $3.7B property tax rate hike. nyc.gov/mayors-office.
• NYC Tax Commission. Forms TC108 (Class 1), TC101 (Class 2/4 non-condo), TC109 (Class 2/4 condo); 2026 grievance procedural guide: operative deadlines: March 16, 2026 (Class 1) and March 2, 2026 (Class 2/3/4). Filing address: 1 Centre St., Room 2400. nyc.gov/site/taxcommission.
• NYC Council FY26 Final Rates Resolution (October 29, 2025): Class 1 19.843% / Class 2 12.439% / Class 3 11.108% / Class 4 10.848% under the 1% Class Shares Cap. Per Rosenberg & Estis October 2025 “NYC Final Property Tax Rates for 2025/26.” rosenbergestis.com.
• Rosenberg & Estis. FY26 levy and rates analysis (July 2025): class shares (Class 1 14.866% / Class 2 38.842% / Class 3 8.286% / Class 4 38.007%), $37.98B FY26 levy. rosenbergestis.com.
• NYC Comptroller Mark Levine. Comments on FY27 Preliminary Budget (March 11, 2026): $40.4B FY27 general property tax projection; outyear gaps. comptroller.nyc.gov.
• NYC Comptroller. FY25 Annual Comprehensive Financial Report: 421-a foregone revenue $1.958B FY25; total property tax exemptions and abatements $8.126B. comptroller.nyc.gov.
• NYC Comptroller. A Better Way Than 421a; Fiscal Note on Lowering the Class 1 Assessment Ratio. comptroller.nyc.gov.
• NYS Comptroller Tom DiNapoli. February 17, 2026 statement on Mamdani Preliminary: “part of the actual budget proposal rather than a contingency measure.” osc.ny.gov.
• NYS Comptroller. April 28, 2025 federal-exposure analysis: $7.4B NYC federal-aid baseline / 6.4 percent of FY26 spending. osc.ny.gov.
• NYC Council Preliminary Budget Response (April 1, 2026): Speaker Julie Menin and Finance Chair Linda Lee (D-23 Eastern Queens); $6B in alternative resources. council.nyc.gov.
• NYC Independent Budget Office: Class 1 Property Tax in the Outer Boroughs (2016, 474 Dean St Park Slope 0.23% effective rate); Considering Property Tax Reform; Coop/Condo Abatement; commercial-property valuation inequality fiscal brief (August 2022). ibo.nyc.ny.us.
• NYC Advisory Commission on Property Tax Reform. Preliminary Report: Class 1 market value vs levy-share mismatch. nyc.gov/assets/propertytaxreform.
• NY Court of Appeals. Tax Equity Now NY LLC v City of New York (March 19, 2024): 4-3 decision; majority Judge Jenny Rivera; dissenters Garcia, Singas, Cannataro; remand to NY Supreme Court. nycourts.gov.
• Gibson Dunn. NY Court of Appeals Permits Challenge to NYC Property Tax System (March 2024): case analysis covering RPTL §305(2) and FHA disparate-impact holdings. gibsondunn.com.
• JURIST and The Real Deal. March 19, 2024 coverage of the TENNY 4-3 ruling. jurist.org; therealdeal.com.
• NYU Wagner. Martha E. Stark Faculty Page; Schneps Podcasts (January 2024). TENNY Policy Director biographical and role. wagner.nyu.edu.
• The Real Deal. Ex-DOF Chief Martha Stark Pans NYC Pied-à-Terre Tax (May 5, 2026). therealdeal.com.
• Bloomberg. Mamdani Drops NYC Property Tax Hike From Revised Budget Plan (May 12, 2026). bloomberg.com.
• CNBC. NYC Mayor Mamdani’s pied-à-terre property tax is moving ahead (May 12, 2026): $500M revenue assumption flagged as “details not yet publicly confirmed.” cnbc.com.
• amNY. Mamdani unveils $124.7B NYC budget (May 12, 2026); City & State. $124.7B executive budget (May 12, 2026). amny.com; cityandstateny.com.
• Bloomberg Tax. Mamdani’s Rise Buoys NYC Property Tax Reform Push. news.bloombergtax.com.
• Holland & Knight. Only the NYS Legislature Can Alter the Real Property Tax Law (March 2025). hklaw.com.
• Cadwalader. Cadwalader and Citizens Budget Commission Support TENNY Revival; Hogan Lovells. Property tax reform: The Third Rail of NYC politics. cadwalader.com.
• HPD, 485-x Affordable Neighborhoods for New Yorkers; NY Senate. RPTL §485-x. construction window June 15, 2022-June 15, 2034; completion before June 15, 2038; permanent affordability for income-restricted units. nyc.gov/site/hpd.
• Nixon Peabody. The Developers’ Guide to Affordable Neighborhoods for New Yorkers (January 2025): 485-x affordability options, wage requirements, abatement length tiers.
• NYC DOF. Cooperative and Condominium Property Tax Abatement page; FSResidential and Skybriz 2026 CCPTA guides. 17.5%/22.5%/25.2%/28.1% tiered abatement; 2026 deadline February 17.
• The City Reporter. Property Taxes in NYC Are a Mess (February 25, 2026); Park Slope Patch. Park Slope Brownstones’ Days of Low Taxes Could End. thecityreporter.nyc.

Last updated: June 7, 2026. [Refresh triggers: NYC DOF FY27 tax rate notice after Council adoption; TENNY remand procedural updates; any 421-a or 485-x pipeline material change; SCHE/DHE income-limit updates; the Tax Equity Now litigation calendar.] For the operating constitution behind every claim on this page, see About NYC Daily TL;DR; for the editorial methodology that produces the daily briefing, see How we curate.