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View January 15, 2009 - NOTICE OF PROPERTY VALUE
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What is the Notice of Value?
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January 15, 2006
EKFH LLC Property Address:
FL 6 95 5 AVENUE
155 E 56TH ST Borough Block Lot
NEW YORK NY 10022-2708 MANHATTAN 844 40
Tax Class: 4
Units: 10 non-residential
(7/1/05 - 6/30/06) (7/1/06 - 6/30/07)
The Department of Finance estimates the value of your property as follows:
 Market Value =                      $3,111,111**       +1,278,889           $4,390,000
 Actual Assessed Value =             $1,400,000**         +575,500           $1,975,500
 Actual Exemption Value =                    $0                 +0                   $0
 Transitional Assessed Value =       $1,220,500**         +197,100           $1,417,600
 Transitional Exemption Value =              $0                 +0                   $0
 Taxable Value =                     $1,220,500**         +197,100           $1,417,600
** These values reflect changes made after May 2005 when the final assessment roll was

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.


Building Class: L1 - Loft buildings
Market Value: Finance estimated your property's market value by dividing net operating income by the overall capitalization rate. Any difference between your calculation and that of the Department of Finance is due to rounding.
  • The Department of Finance estimates that as of January 5, 2006, the market value for your property is $4,390,000.
    Finance will use this market value to determine your property taxes starting July 1, 2006.
  • Finance estimated your property's market value using the income approach.
Factors Used By Finance To Determine Market Value:
  • Building Gross Square Footage: We estimated building gross square footage at 22,324.
  • Gross Income: We estimated gross income at $882,532.
  • Expenses: We estimated expenses at $220,339.
  • Net Operating Income: We subtracted estimated expenses from estimated gross income, resulting in a net operating income of $662,193.
  • Base Cap Rate: We used a base capitalization rate of 10.000% which is Finance's estimate of the rate of return that an ordinary investor would expect on their investment in this type of property.
  • Overall Cap Rate: We added an effective tax rate of 5.088% to account for taxes due. Added together your overall capitalization rate is 15.088%.

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