New York City property values are set to decline 5.2% from the current fiscal year, the biggest decline since the early 1990s, highlighting the toll the pandemic has taken on the city’s commercial and residential property values. The city has set a value of $1.3 trillion for its more than one million properties for the fiscal year beginning in July, according to a tentative assessment roll released by the Department of Finance Friday. Commercial properties led the decline. Retail and hotel values dropped 21.1% and 22.4%, respectively, while office building values fell 15.6%. “By all accounts, 2020 was an ... (full story)