2025 NYC property values jump—what it means for condos & co-ops

NYC property values are rising, and for condo and co-op boards, that means one thing—higher property taxes. The Department of Finance just released its latest property assessment roll, showing a 5.7% jump in market values. With tax bills on the horizon, here’s what board members need to know.

What this means for your building

For co-ops and condos, the changes are significant:

• Co-op values increased by 4.6%
• Condo values rose by 5.1%
• Across the city, residential properties saw an even larger 7.3% increase, largely due to post-pandemic rent hikes.

While NYC Department of Finance Commissioner Preston Niblack calls this a sign of the city’s "strong economic recovery," board members will feel the impact in their building’s bottom line.

Understanding your assessment

Your building’s assessment is based on 2023 financial data from Real Property Income and Expense Statements (RPIEs). If your occupancy rates or expenses have changed recently, your current market value may not reflect reality.

Because assessments are based on past financial data, they may not always reflect your building’s current financial standing. If you're unsure how these values were determined, our related article on navigating condo and co-op property taxes and assessment appeals explains the process and how to challenge your assessment if needed.

What to do if you disagree with your assessment

You have until March 3rd to file a protest if the numbers don’t add up. The key is having solid evidence to back up your case—things like documentation of recent financial changes, current market conditions affecting your property, or significant building expenses that impact your building’s value.

A tax professional can be invaluable here, helping you put together the strongest possible case. Successful protests usually come down to concrete financial data, not general market observations.

Key dates to remember

Set a reminder for these deadlines:

• March 3rd: Protest applications due
• May 25th: Assessment roll becomes final
• June: Property tax bills issued
• July 1st: First payments due

Looking ahead

For more guidance on property taxes and assessment appeals, check out our in-depth blog post: Navigating condo and co-op property taxes and assessment appeals in NYC.

Whether you plan to challenge your assessment or not, now is the time to assess how these tax changes impact your building’s financial outlook. If your board has already approved its budget, consider reviewing it to ensure you're prepared for any adjustments needed in the fiscal year ahead.

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