Checkbook 2.0

Assessed Value and Estimated Actual Value of Taxable Property

(Amounts in Millions)

Fiscal Year	Class One	Class Two	Class Three	Class Four	Less Tax Exempt Property	Total Taxable Assessed Value	Total Direct Tax Rate⁽¹⁾	Estimated Actual Taxable Value	Assessed Value as a Percentage of Actual Value
1995	$ 9,034.5	$ 29,500.2	$ 6,129.3	$ 93,913.8	$ 61,770.7	$ 76,807.1	$ 10.42	$ 293,008.6	26.21%
1996	9,219.3	29,547.9	6,140.2	93,841.9	61,325.7	77,423.6	10.42	294,069.8	26.33%
1997	9,329.0	29,473.9	6,370.8	93,844.3	61,508.7	77,509.3	10.44	294,379.3	26.33%
1998	9,525.0	30,048.1	6,548.9	94,606.6	61,958.3	78,770.3	10.42	298,357.0	26.40%
1999	9,979.2	31,397.6	6,512.5	97,494.6	63,229.2	82,154.7	10.40	311,368.7	26.39%
2000	10,463.8	33,572.0	6,619.5	100,996.6	65,783.9	85,868.0	10.40	326,921.8	26.27%
2001	11,094.1	35,869.4	6,320.5	105,089.8	67,804.1	90,569.7	10.41	354,348.4	25.56%
2002	11,610.7	39,317.9	6,530.8	110,458.3	70,431.3	97,486.4	10.43	392,347.6	24.85%
2003	12,064.4	42,885.3	6,836.1	114,836.4	73,917.5	102,704.7	10.41	429,810.4	23.90%
2004	12,611.3	40,677.2	7,021.6	122,582.0	76,102.5	106,789.6	12.36	466,677.7	22.88%
2005	13,149.5	46,846.3	7,488.7	122,082.8	79,250.9	110,316.4	12.38	540,384.4	20.41%
2006	13,841.3	52,792.0	8,600.1	129,879.0	82,630.8	122,481.6	12.43	614,003.7	19.95%
2007	14,402.2	55,201.2	9,176.0	139,810.7	90,953.1	127,637.0	12.49	674,091.6	18.93%
2008	15,025.6	62,834.5	8,822.5	158,067.3	99,164.1	145,585.8	11.66	795,932.4	18.29%
2009	15,753.1	64,580.1	9,686.3	173,337.4	111,358.3	151,998.6	11.70	811,141.3	18.74%
2010	14,712.2	56,561.3	10,462.8	88,730.9	12,514.6	157,952.6	12.64	795,657.3	19.85%
2011	14,952.7	55,530.8	11,036.0	78,176.1	12,882.6	159,695.6	12.86	793,742.0	20.12%
2012	15,293.9	60,102.9	10,875.3	85,083.5	13,408.8	157,946.8	12.86	814,422.1	19.39%
2013	15,784.7	62,215.4	11,349.0	89,774.4	13,809.3	165,314.2	12.85	838,003.2	19.73%
2014	16,229.0	65,564.7	12,244.5	96,158.9	14,288.3	175,908.8	12.84	858,102.4	20.50%
2015	16,915.4	70,514.5	12,355.1	103,077.4	202,862.4	15,294.7	12.77	906,273.8	22.38%
2016	17,727.6	77,316.8	13,476.6	109,121.6	217,642.6	16,137.6	12.82	969,430.4	22.45%
2017	18,394.0	85,118.2	14,203.2	116,826.0	234,541.4	16,892.4	12.86	1,064,244.5	22.04%
2018	19,442.8	92,585.8	14,683.9	124,770.4	251,482.9	17,456.8	13.02	1,149,208.8	21.88%
2019	20,146.8	100,491.1	15,225.6	131,841.2	267,704.7	18,262.0	13.08	1,250,706.9	21.40%
2020	21,042.9	107,146.0	16,649.3	136,210.2	281,048.4	17,906.1	13.12	1,315,907.5	21.36%
2021	22,018.2	112,123.5	17,064.6	140,146.9	291,353.2	18,686.3	12.90	1,369,384.2	21.28%

(1) Property tax rate based on every $100 of assessed valuation.

Notes:

The definitions of the four classes are as follows:

Class One -	One, two, and three family homes; single family homes on cooperatively owned land. Condominiums with no more than three dwelling units, provides such property was previously classified as Class One or no more than three stories in height and built as condominiums. Mixed-use property with three units or less, provided 50 percent or more of the space is used for residential purposes. Vacant land, primarily residentially zoned, except in Manhattan below 110th Street.
Class Two -	All other residential property not in Class One, except hotels and motels. Mixed-use property with four or more units, provided 50 percent or more of the space is used for residential purposes.
Class Three -	Utility real property owned by utility corporations, except land and buildings.
Class Four -	All other real property.

Assesment Values are based on a percentage of the property's Fair Value.

The Department of Finance assigns fair values to all properties in New York City.

Fair Value is the worth of a property's tax class and the New York State Law requirements for determining fair value.

Sources: Resolutions of the City Council and The Annual Report of The New York City Property Tax Fiscal Year 2021.