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NOTICE OF PROPERTY VALUE



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What is the Notice of Value?
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January 15, 2007
#BWNFFBV
#4037310070115011#
Property Address:
132 EAST 19TH STREET INC 132 East 19 Street
1 UNION SQ W Borough Block Lot
NEW YORK, NY 10003-3303 Manhattan 874 54
Tax Class: 2
Units: 19 Residential
CURRENT TAX YEAR CHANGE TAX YEAR 2007/08
(7/1/06 - 6/30/07) (7/1/07 - 6/30/08)
The Department of Finance estimates the value of your property as follows:
Market Value =                           $2,530,000          -810,000         $1,720,000
Actual Assessed Value =                  $1,138,500          -364,500           $774,000
Actual Exemption Value =                    $14,490            -1,610            $12,880
Transitional Assessed Value =              $834,300           +10,800           $845,100
Transitional Exemption Value =              $14,490            -1,610            $12,880
Taxable Value =                            $819,810           -58,690           $761,120
Exemption: Basic Star

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 1, 2007.
THIS IS NOT A BILL

DETAILED VALUE INFORMATION

Building Class: D4 - Elevator Apartments
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, 2007, the market value for
this property is $1,720,000. Finance will use this market value to determine your
property taxes starting July 1, 2007.
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 17,934.
Gross Income: We estimated gross income at $376,614.
Expenses: We estimated expenses at $138,091.
Net Operating Income: We subtracted estimated expenses from estimated gross income,
resulting in a net operating income of $238,523.
Base Cap Rate: We used a capitalization rate of 8.100% 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 5.732% to account for taxes due.
Added together your overall capitalization rate is 13.832%.
Citywide Income Rating: Your estimated gross income falls into rating 2.
This rating was used to determine the base capitalization rate shown above.
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