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NOTICE OF PROPERTY VALUE



View January 15, 2009 - NOTICE OF PROPERTY VALUE
View January 15, 2008 - NOTICE OF PROPERTY VALUE
View January 15, 2007 - NOTICE OF PROPERTY VALUE
View February 10, 2006 - NOTICE OF REVISED PROPERTY VALUE
View January 22, 2006 - CORRECTED NOTICE OF PROPERTY VALUE
View January 15, 2005 - NOTICE OF PROPERTY VALUE

What is the Notice of Value?
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January 15, 2006
GB PRODUCTIONS Property Address:
56 W 89TH ST 56 WEST 89 STREET
NEW YORK NY 10024-2055 Borough Block Lot
MANHATTAN 1202 54
Tax Class: 2B
Units: 7 residential
CURRENT TAX YEAR CHANGE TAX YEAR 2006/07
(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 =                      $1,500,000           -749,000             $751,000
 Actual Assessed Value =               $239,904           -127,254             $112,650
 Actual Exemption Value =                $1,690                 +0               $1,690
 Transitional Assessed Value =         $239,904           -127,254             $112,650
 Transitional Exemption Value =          $1,690                 +0               $1,690
 Taxable Value =                       $238,214           -127,254             $110,960
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.
THIS IS NOT A BILL

DETAILED VALUE INFORMATION

Building Class: C5 - Walk-up apartments
Market Value: Finance multiplied your gross income by the gross income multiplier to determine the market value of your property. 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 $751,000.
    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 5,804.
  • Gross Income: We estimated gross income at $136,510.
  • Multiplier: We used a gross income multiplier of 5.500 which is our estimate of the relationship between the property's income and the property's market value.
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