NYC Property Record Terms Explained: FAR, BBL, Assessed Value & More
Every figure on a BlockBook property record comes straight from official city datasets — but the city’s vocabulary takes some translating. Here is what each term on a property page actually means.
Prices and values
| Last sale price | The most recent price in the city’s deed records (ACRIS and DOF Rolling Sales). Deeds recorded at $0 or a nominal amount are usually transfers between family members or related entities, not market sales — we skip those. See how to look up any NYC sale price. |
| Assessed value | The Department of Finance’s own estimate of market value, set each January for tax purposes — not what the home would sell for. For condos and co-ops the city derives it from rental income data, so it usually runs far below open-market prices. |
| Yearly taxes | The property’s taxable assessed value multiplied by the official rate for its tax class (19.8433% for Class 1 homes this year). It reflects the public assessment roll; abatements and exemptions the owner receives can make the actual bill lower. Full math in the tax-rates guide. |
Building
| Building size | Gross square feet as the city records it — measured from the outside of the exterior walls, summed over the floors the city counts. |
| Building dimensions | The recorded front width × depth, rounded to the foot. Real buildings have bay windows and extensions, so this rectangle is approximate. |
| Stories | The city’s floor count — which excludes basements, even ones that are mostly above ground. That is why a Brooklyn rowhouse with a garden level often shows one story fewer than what you see from the street. |
| Basement / garden level | From city land-use records. “Garden level (above grade)” is the classic Brooklyn ground floor that is legally a basement; “below ground” is a true cellar-style basement. The two are very different for usable space. |
| Sq ft per floor | Building size divided by the number of floors. When that result comes out bigger than the building’s footprint — geometrically impossible — a level (typically the garden floor) is missing from the city’s stories count, so we divide by one more floor and label it. |
| Construction | The building’s material, where the city records it: the DOF building class encodes brick (B1) vs. wood frame (B2) for two-family homes, and landmarked buildings carry materials in the LPC database. Frame vs. masonry matters for expansion and insurance. Shown as “--” when the city has no record. |
| Year built | From city land-use records; for pre-1900 buildings it is often an estimate. |
Lot and identifiers
| Lot size | The land parcel’s recorded front × depth and total square feet. |
| Block / Lot | The property’s permanent tax-map identity — together with the borough they form the BBL, the ID every city agency uses. See what a BBL is. |
| # of units | Total dwelling units the city records on the lot. |
Zoning and density (FAR)
| Zoning | The zoning district (R6, R7A, C4-4 …) that governs what can be built on the lot. R = residential, C = commercial, M = manufacturing. |
| Built FAR | Floor Area Ratio actually built: building floor area ÷ lot area. A 2,200 sq ft lot with a 3,700 sq ft building has a built FAR of about 1.68. |
| Max residential FAR | The most floor area the zoning allows for residential use. Built FAR below this means unused development rights — room to expand, or “air rights” that can sometimes be sold. |
| Max commercial / facility FAR | Separate, often higher ceilings that apply only if the building is used commercially or as a community facility (a doctor’s office, clinic, or school). They don’t apply to an ordinary home, which is why our density figures use the residential maximum. |
Taxes and status
| Tax class | NYC taxes property in four classes: 1 (one- to three-family homes), 2 (larger residential, condos, co-ops), 3 (utilities), 4 (commercial). Each has its own rate and assessment rules — see the current rates. |
| Building class | The DOF’s two-character code for what the building is: A1 two-story house, B1/B2 two-family (brick/frame), C walk-up apartments, D elevator apartments, R condo units, and so on. |
| Exemptions / abatements | Tax breaks on record for the lot — 421-a, J-51, STAR, and others. They lower the bill until they expire; check any address with the 421-a expiration calculator. |
| Rent regulated | Whether city records indicate rent-stabilized units — a legal cap on rent increases that stays with the apartment. “Likely” means the building’s age and size fit the stabilization rules; verify with DHCR before relying on it. |
| HOA fees | Monthly common charges or maintenance. No public dataset exists for these, so it is the one field you enter yourself. |
Look any address up free with the property tax lookup, or run the numbers in the mortgage calculator.
Frequently asked questions
What is the difference between assessed value and sale price in NYC?
The assessed value is the Department of Finance’s estimate used to compute property taxes — for condos and co-ops it is derived from rental income data and usually sits far below what the home would sell for. The sale price is what a buyer actually paid, from recorded deeds.
What does FAR mean on a NYC property record?
Floor Area Ratio — building floor area divided by lot area. Zoning sets a maximum FAR; if a building’s built FAR is below the residential maximum, the difference is unused development rights (air rights) that can allow an expansion or be sold.
What is a garden level in Brooklyn?
The ground floor of a rowhouse that sits mostly above ground but is legally classified as a basement. The city excludes it from the stories count even though it is livable space — which is why a three-level house can show as two stories in city records.
What do NYC building class codes like B1 or B2 mean?
They are Department of Finance codes for building type: B1 is a brick two-family, B2 a frame two-family, A1 a two-story one-family, C codes are walk-ups, D codes elevator buildings, R codes condo units. The letter groups the type; the digit refines it.
Figures computed from official NYC Department of Finance and NYC Open Data records, refreshed automatically — see how BlockBook sources its data. Spot an error? Tell us.
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Informational only — not financial, legal, or tax advice. See the disclaimer.