What the NOPV Shows—and What It Doesn't
The Notice of Property Value (NOPV) is NYC's annual property assessment notice, not a tax bill. It reports your property's market value and assessed value for the 2026-27 fiscal year, explains ordinary property tax calculations, and provides challenge instructions.
The NOPV is separate from DOF's 'You may be subject to the non-primary residence property surcharge' notice. That second letter identifies properties DOF believes may owe the pied-à-terre tax and invites owners to seek exemptions by the October 6, 2026 deadline.
DOF began mailing surcharge notices on July 22, 2026. The NOPV and surcharge notice concern the same property but serve different purposes.
Market Value vs. Assessed Value: The Critical Distinction
Your NOPV lists both market value and assessed value. For the pied-à-terre tax, only market value matters.
The surcharge applies to the full market value once it crosses the threshold—4% on condos and co-ops valued at $1 million to $3 million, 5.25% from $3 million to $5 million, and 6.5% above $5 million. DOF's final rules state the surcharge is 'calculated as the product of a surcharge rate established by statute and the market value of the applicable property.'
Assessed value, typically 45% of market value for condos and co-ops, determines your regular property tax but has no role in the surcharge calculation. A $2.2 million condo carries a $990,000 assessed value for regular taxes but would face an $88,000 surcharge (4% of the full $2.2 million market value) if it's a non-primary residence.
Reading Your NOPV: Field by Field
The NOPV contains six key sections. Property identification shows your address and DOF's internal codes. Tax class indicates whether you own a condo, co-op, or house.
Market value represents DOF's estimate of what your property would sell for. This figure drives the surcharge calculation. Assessed value shows the capped amount used for regular property taxes.
Exemption information lists any tax breaks DOF has on file. Estimated property tax projects your regular bill, separate from any surcharge. Challenge instructions explain how to contest DOF's valuation or classification.
Conquest's analysis of DOF's July 2026 Supplemental Market Value Roll shows roughly 24,000 units citywide would owe the surcharge if they're non-primary residences. Manhattan condos and co-ops account for about 16,700 of those units, with an average surcharge of $68,559.
What Happens Next
The surcharge took effect July 1, 2026, and runs through June 30, 2031. Owners who received DOF's surcharge notice have until October 6, 2026, to apply for primary-residence exemptions.
Tax Commission appeals follow different deadlines: March 1, 2027, for Class Two properties and March 15, 2027, for Class One properties when appealing both residency and market-value determinations together.
Starting July 1, 2028, the law shifts condos and co-ops toward the lower house rates based on comparable sales. The transition could reduce surcharges for some owners while maintaining the current thresholds.
Frequently asked questions
Is my apartment subject to the pied-à-terre tax based on market value or assessed value?
The pied-à-terre tax is calculated based on your property's full market value, not the assessed value. The surcharge applies to the entire market value once it crosses the threshold—4% on condos and co-ops valued at $1 million to $3 million, 5.25% from $3 million to $5 million, and 6.5% above $5 million.
How much is the tax on a $2.2 million condo if it's not my primary residence?
A $2.2 million condo would face an $88,000 surcharge if it's a non-primary residence. This is calculated as 4% of the full $2.2 million market value, since properties valued at $1 million to $3 million are subject to the 4% rate.
Does the Notice of Property Value show if I owe the pied-à-terre tax?
No, the Notice of Property Value (NOPV) is separate from DOF's surcharge notice and does not indicate whether you owe the pied-à-terre tax. The NOPV reports your property's market value and assessed value, while a separate letter identifies properties that may owe the surcharge and invites owners to seek exemptions by the October 6, 2026 deadline.