Form Tc108 - Application For Correction Of Assessed Value For One, Two Or Three-Family House Or Other Class One Property Only - 2011
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4TAX COMMISSION OF THE CITY OF NEW YORK
TC108INS
1 Centre Street, Room 936, New York, NY 10007
2011
FORM TC108 APPLICATION AND INSTRUCTIONS
APPLICATION FOR REDUCTION OF ASSESSED VALUE FOR ONE, TWO
OR THREE-FAMILY HOUSE OR OTHER CLASS ONE PROPERTY ONLY
if you believe that the ASSESSED VALUE has been
SHOULD YOU FILE TC108?
NOTE
increased by more than those limits allow.
: The
You should apply for a reduction in the
limits do not apply to increases in ASSESSED VALUE
ASSESSED VALUE of the property if you believe
due to physical improvements to the property or to the
that the ASSESSED VALUE for the property on the
expiration of an exemption.
Notice of Property Value is too high.
Ask yourself: “What would the property sell for today?”
MARKET VALUE:
MARKET VALUE is the price that
Then, multiply your estimated selling price by 6% (.06).
the property would sell for in the current market. The
Notice of Property Value includes Finance’s estimated
If the result is less than the ASSESSED VALUE of the
MARKET VALUE for the property.
property shown on the Notice of Property Value, you
should file TC108.
YOU CANNOT USE TC108:
If the result is more than the ASSESSED VALUE shown
to apply for a reduction in the assessed value of a
on the Notice of Property Value, the Tax Commission will
tax class 2, 3, or 4 property;
not reduce the ASSESSED VALUE and you should not file
to change the TAX CLASS or request exemptions;
TC108.
to correct errors in the physical description of the
property or protest the estimated MARKET VALUE
GENERAL INFORMATION
on the Notice of Property Value.
Every
January,
the
NYC
Finance
Department
(“Finance”) mails a Notice of Property Value for each
property in the City. That Notice shows the ASSESSED
FILING TC108
VALUE for the next tax year, which runs from July 1 to
DEADLINE FOR FILING: The Tax Commission must
June 30.
receive the Form TC108 by 5:00 P.M. on March 15,
2011. There are no extensions. But, if you received
If you did not receive a Notice of Property Value, you
from Finance a Revised Notice of Assessed Value or a
can get the ASSESSED VALUE for the property from the
Notice of Apportionment dated after February 23, 2011,
Finance website at nyc.gov/propertytaxes or by calling 3-
the Tax Commission will review the TC108 if it is
1-1 (1-2-1-2-N-E-W-Y-O-R-K outside New York City.)
received within 20 calendar days after the date printed
TO GET A TAX COMMISSION REVIEW OF THE
on that notice. Attach a copy of the notice to the TC108.
ASSESSED VALUE OF THE PROPERTY, YOU MUST
FILE TC108 EVEN IF YOU DID NOT RECEIVE A
File a completed Form TC10 with the TC108 to prove
NOTICE OF PROPERTY VALUE.
that you filed the TC108 on time. If you are filing by
mail, enclose a stamped and self-addressed Form TC10.
All City property is divided into four classes. CLASS
Keep a copy of the Form TC108 and all attachments.
ONE includes 1-, 2-, and 3-family homes and small
File the original Form TC108 with the Tax Commission.
stores or offices with only one or two apartments
YOU MAY NOT FILE TC108 BY FAX OR BY E-MAIL.
attached. CLASS ONE also includes vacant land outside
Manhattan
zoned
for residential
use
and some
Filing in person
condominium units in buildings no more than three
You may file Form TC108 in person at the Tax
stories high. The TAX CLASS for the property is on the
Commission at the Manhattan Municipal Building, 1
Notice of Property Value.
Centre St., Rm. 936, or at one of the Finance Business
Centers in any borough. You can get the address of the
The starting point in calculating the ASSESSED VALUE
Finance Business Centers from Publication TC600, on
of a property is to apply a percentage, called the CLASS
the Finance website at nyc.gov/propertytaxes or by
ASSESSMENT RATIO, to the MARKET VALUE of the
calling 3-1-1 (1-2-1-2-N-E-W-Y-O-R-K outside New York
property. The CLASS ASSESSMENT RATIO for CLASS
City.).
ONE property is 6%. By law, Finance cannot raise the
ASSESSED VALUE of a CLASS ONE property by more
Filing by mail
than 6% each year or by more than 20% in a five-year
Mail the completed Form TC108 to the Tax Commission
period. Because of those limits, the ASSESSED VALUE
at 1 Centre Street, Room 936, New York, NY 10007. DO
on the Notice of Property Value may be less than 6%
NOT MAIL THE TC108 TO ANY OTHER ADDRESS.
(the Class ONE ASSESSMENT RATIO) of the MARKET
Applications received after the deadline will not be
VALUE shown on that Notice. You can file Form TC108
reviewed even if they were mailed before that date.
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