City Continues To Raise Taxes On Rent-Stabilized Buildings

New Assessments highlight the unfair and inequitable system

(New York, NY) – The New York City Department of Finance has released its tentative tax assessments for Fiscal Year 2026. It shows that property taxes are once again going up on rent-stabilized buildings, despite clear evidence of declining values and financial struggle.

The DOF raised property taxes on the average rent-stabilized apartment by $104 annually. That is an increase of $8.67 per unit per month.

“Once again, DOF has increased the assessed value on rent-stabilized housing, despite mountains of data that suggest the actual values of these buildings continue to decline,” NYAA CEO Kenny Burgos said. “This is money that should be spent on maintaining or upgrading aging buildings. By increasing taxes, the city is continuing to defund the buildings that provide the majority of affordable housing in the city.”

DOF’s data also shows the vast disparity in property taxes for single family homes and two-family homes compared to apartment buildings. The average rent-stabilized apartment pays $3,929 in property taxes. The average single-family home is more than three times as large, but only pays $7,805 in taxes.

“We need comprehensive property tax reform that focuses on equity and incentivizes density. Older rent-regulated buildings shouldn’t be viewed as piggy banks that can subsidize lower taxes for other forms of housing. It is unsustainable,” Burgos said.

You can view the property tax assessments here.

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The New York Apartment Association (NYAA) is a 501(c)(6) not-for-profit organization that represents a diverse coalition of apartment building owners and managers who provide the majority of affordable multi-family housing in the state of New York. To put it simply, we are Housing New York. NYAA was formed through the merging of two organizations that historically represented rent-stabilized building owners: The Rent Stabilization Association (RSA) and the Community Housing Improvement Program (CHIP). The official NYAA website is HousingNY.Org. @HousingNY on X; @HousingNY on Instagram; @HousingNY on Youtube, and @HousingNY on TikTok.