Written by: Todd Kratt, Managing Director, Property Tax
New York’s property tax assessment process varies widely by jurisdiction, and many municipalities do not reassess on a regular annual schedule. When reassessments do occur, they are typically full revaluations rather than incremental updates, often after multiple years without an adjustment. Timing also differs by locality, but in jurisdictions completing a reassessment, owners commonly see notices issued between January and March, ahead of the tentative assessment roll release of May 1.
Key Reassessment Facts
| VALUATION (LIEN) DATE | July 1 of previous year (generally most jurisdictions) |
| TAX YEARS IMPACTED | Many |
| JURISDICTIONS AFFECTED | Many |
| ASSESSMENT NOTICES EXPECTED | Tentative Assessment Rolls, expected May 1 |
| APPEAL DEADLINES | End of May (many throughout NY state) |
Where Property Owners Are Most at Risk of Overassessment in 2026
For many New York properties, the greatest overassessment risk in 2026 comes from the gap between market conditions at the last valuation date and today’s operating reality. Across many markets, rents have been largely flat, vacancies have leveled off or increased depending on property type, and tenant concessions and improvement packages remain elevated—while operating expenses continue to rise. At the same time, interest rates remain higher than they were a couple of years ago, putting downward pressure on values—and in some jurisdictions, declining assessment ratios can have the unintended effect of inflating commercial property assessments. For commercial property in New York, assessors often lean heavily on the income and cost approaches, making the underlying assumptions especially important.
What This Means for Your Bottom Line
- Multi-year impact: Property tax values often carry forward for multiple years, amplifying the effect of inaccurate assessments.
- Assessment pressure: Declining assessment ratios in recent years have increased the likelihood of overstated commercial assessments.
- Strict deadlines: Appeal forms and supporting documentation must be filed before the grievance deadline to preserve appeal rights.
Valuation Trends by Property Type
| Property Type | Expected Trend | Notes |
|---|---|---|
| Office | ↓ | Vacancy rates are now catching up with lease rollover activity, revealing true market vacancy across many markets. As a result, office property values continue to decline. |
| Retail | ↓ → | Retail properties continue to face pressure from increasing tenant improvement allowances and concessions, along with reduced retail footprints. These factors are affecting income stability and value across markets. |
| Multifamily | ↓ → | Rent growth has flattened while operating expenses have increased in recent years. This combination is compressing net operating income and limiting value growth. |
| Industrial | ↑ → | Demand for industrial space remains strong. Depending on the market, values are either holding steady or continuing to appreciate. |
| Hospitality | ↓ → | Since the post COVID overcorrection seen in 2022 and 2023, occupancy rates have flattened or declined. Rising operating expenses are placing downward pressure on NOI and overall values. |
| Senior Care | ↓ → | Older facilities are experiencing flat or declining census levels, while rising operating expenses and ongoing staffing shortages continue to challenge performance and valuations. |
Act Now as Assessments Are Released
Early review can impact your tax position for years to come
Tentative Assessment Rolls are released on May 1. Because assessed values often carry forward for multiple years, early review can have a lasting impact on future tax liabilities.
Reviewing assessments and related information as soon as they become available allows time for informal discussions ahead of grievance deadlines. In some cases, this early engagement can influence the 2026 value reflected on the final assessment roll.
Property owners should carefully review any assessment notices or posted assessment rolls as they are released. Identifying issues early creates more flexibility in determining the best appeal strategy.
DMA adds the most leverage at this stage by bringing together multiple data sources to identify assessment issues quickly. Our consultants review assessments, develop supporting documentation, and position appeals efficiently while early options are still available.
Why New York Property Owners Choose to Partner with DMA
New York’s property tax system is complex and highly localized, with assessment practices that can materially impact long-term tax exposure. Owners work with DMA because we understand how valuation decisions are made across New York jurisdictions and how to respond when assessments do not reflect market conditions.
Our team combines jurisdiction specific insight with disciplined valuation analysis to determine when informal engagement is effective and when formal appeals are necessary. We know how timelines, documentation requirements, and appeal strategies vary by location, allowing us to position defensible, market-supported cases.
Timing is critical. By engaging early and acting strategically, DMA helps owners avoid reacting to inflated tax bills and instead achieve greater cost certainty across assessment cycles.
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We’ll compare your projected or actual assessment to market evidence and tell you whether an appeal makes sense.
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