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NOTICE OF PROPERTY VALUE



View January 15, 2009 - NOTICE OF PROPERTY VALUE
View February 15, 2008 - NOTICE OF REVISED PROPERTY VALUE
View January 15, 2007 - NOTICE OF PROPERTY VALUE
View January 15, 2006 - NOTICE OF PROPERTY VALUE
View January 15, 2005 - NOTICE OF PROPERTY VALUE

What is the Notice of Value?
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January 15, 2008
Owner Name:
#BWNFFBV KAREN BENSON
#5120169080115014#
KAREN BENSON Property Address:
130 SUFFOLK ST APT 140-A 130 SUFFOLK STREET APT #140-
NEW YORK, NY 10002-8504 Borough Block Lot
MANHATTAN 349 1021
Tax Class: 2
Units: 1 RESIDENTIAL
CURRENT TAX YEAR CHANGE TAX YEAR 2008/09
(7/1/07 - 6/30/08) (7/1/08 - 6/30/09)
The Department of Finance estimates the value of your property as follows:
Market Value =                             $136,379           +24,030           $160,409
Actual Assessed Value =                     $61,371           +10,813            $72,184
Actual Exemption Value =                    $36,456            +8,646            $45,102
Transitional Assessed Value =               $66,375              -930            $65,445
Transitional Exemption Value =              $43,661            -1,977            $41,684
Taxable Value =                             $22,714            +1,047            $23,761
Exemption: BASIC STAR, URBAN DEV. ACT PROJ.

Market Value: Finance estimates your market value in one of three ways - based on recent comparable sales; the income that your property generates; or the cost of constructing your property.
Assessed Value: Finance multiplied your property's market value by an assessment ratio of 45% in order to determine the assessed value. However, in some cases, this assessed value may be lower than the assessment ratio percentage because of legal limitations.
Exemption Value: Is the value of any exemptions currently on Finance's records.
Taxable Value: Is equal to the assessed value less any applicable exemptions.
Exemption(s): Describes the exemptions that you are currently entitled to according to Finance's records.
If you wish to challenge these values, you must apply to the Tax Commission by March 3, 2008.
THIS IS NOT A BILL

DETAILED VALUE INFORMATION

Building Class: R2 - Condominiums
Your property is a residential condominium unit. Finance must value condominiums
based on the value that the condominium building would have if the condominium were a
rental apartment building, not based on sales prices. Here's how the law requires us
to value condominiums.
First, Finance Determines the Market Value for Your Condominium Building or
Development
We estimate the value for your condominium building or development using a three-step
process:
1. We estimated total rent for all of the units in your condominium building or
development as $1,424,000.
2. We used a gross income multiplier of 5.347 which is our estimate of the
relationship between the condominium's estimated rents and the property's markert
value.
3. We multiplied your estimated total rent by the gross income multiplier to
determine the market value of the condominium.
We estimated that as of January 5, 2008, the market value for all of the units in
your condominium building or development is $7,610,000.
Second, Finance Determines How Much of the Building Market Value Should Be Allocated
To Your Condominium Unit
Finance determined how much of the building's market value to allocate to your unit
in one of the following ways:
1. By using the percentage for your unit from the condominium declaration, as
amended.
2. By using information we received from the developer about the original offering
prices for all of the condominium units in your building or development.
We divide the original offering price for your unit by the offering price
for all units to determine how much to allocate to your unit.
3. By using the market value from last year's final assessment roll. We used the
market value we estimated last year for your unit divided by the market value for
all units in your building last year.
We allocated 2.1079% of the condominium building or development value to your unit.
Note: Starting January 1, 2008, Finance is allocating the market value for
condominium units based solely on the percentages in the condominium declaration for
all new condominium developments.
Third, We Multiplied the Market Value for Your Condominium Building or Development By
The Allocation Factor for Your Unit
We estimated the market value for your residential condominium unit as $160,409.
We estimated the rent for your condominium unit as $2,501 per month.
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