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NOTICE OF PROPERTY VALUE



View May 13, 2009 - NOTICE OF REVISED PROPERTY VALUE
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View January 27, 2009 - NOTICE OF 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 249 58TH STREET REALTY CORP
#5352940080115017#
TALON REALTY CORP Property Address:
88 9TH ST 132 18 STREET
BROOKLYN, NY 11215-3109 Borough Block Lot
BROOKLYN 633 17
Tax Class: 4
Units: 1 NON-RESIDENTIAL
Your property's taxable value will be greater than $80,000. Therefore, your property
tax payments will be due in two equal installments instead of four starting July 1.
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 =                             $402,000          +108,000           $510,000
Actual Assessed Value =                    $180,900           +48,600           $229,500
Actual Exemption Value =                         $0                +0                 $0
Transitional Assessed Value =               $73,575           +37,575           $111,150
Transitional Exemption Value =                   $0                +0                 $0
Taxable Value =                             $73,575           +37,575           $111,150
Since you did not file a Real Property Income and Expense Statement as required by
law, we estimated the value of your property based on information submitted by owners
of similar properties.

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: G2 - Garage and gas stations
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, 2008, the market value for
this property is $510,000. Finance will use this market value to determine your
property taxes starting July 1, 2008.
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 2,860.
Gross Income: We estimated gross income at $77,306.
Expenses: We estimated expenses at $1,258.
Net Operating Income: We subtracted estimated expenses from estimated gross income,
resulting in a net operating income of $76,048.
Base Cap Rate: We used a capitalization rate of 10.400% 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 4.526% to account for taxes due.
Added together your overall capitalization rate is 14.926%.
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