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NOTICE OF PROPERTY VALUE



View May 13, 2009 - NOTICE OF REVISED PROPERTY VALUE
View April 15, 2009 - NOTICE OF REVISED PROPERTY VALUE
View January 15, 2008 - 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 27, 2009
Owner Name:
#BWNFFBV 249 58TH STREET REALTY CORP
#4583273090115015#
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
CURRENT TAX YEAR CHANGE TAX YEAR 2009/10
(7/1/08 - 6/30/09) (7/1/09 - 6/30/10)
Every year the Department of Finance notifies you of your property's value and describes how we arrived at that value. The Department of Finance estimated the value of your property as follows:
Market Value =                             $510,000         -$235,000           $275,000
Actual Assessed Value =                    $229,500         -$105,750           $123,750
Actual Exemption Value =                         $0               +$0                 $0
Transitional Assessed Value =              $111,150          +$15,660           $126,810
Transitional Exemption Value =                   $0               +$0                 $0
Taxable Value =                            $111,150          +$12,600           $123,750
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.

How We Arrive at Your Values
Step 1: Market Value: Finance estimated your market value in one of three ways: 1) by using recent sales of similar property; 2) by using the income that your property generates; or 3) by using the cost of constructing your property.
Step 2: Assessed Value: Finance multiplied your property's market value by an assessment ratio of 45% to determine the assessed value.
Step 3: Exemption Value: Finance subtracted the value of any exemptions you are entitled to.
Step 4: Transitional Value: Finance phased in your assessed and exemption values, as the law requires.
Step 5: Taxable Value: The taxable value is the value that your taxes are based on. To estimate your taxes, multiply your taxable value by the tax rate for your tax class, as shown on page 3 of the "Annual Notice of Property Value" Brochure available on our website at nyc.gov/updatepropertydata.
What If You Think Only the Market Value We Estimated is Wrong?
There are two reasons why your market value could be wrong. First, we could have incorrect information about your property (wrong square footage, units, or property description). Second, you may know of sales in your neighborhood that indicate that your market value is too high. If so, please fill out the "Request for Review of Property Tax Assessment" form available on our website at nyc.gov/updatepropertydata or by calling (212) 504-4080 for assistance.
What If You Think Both Your Market Value and Assessed Value Are Wrong?
If you believe that your assessed value is wrong, you may file a protest with the NYC Tax Commission, an independent agency. The deadline is March 2, 2009. Visit the NYC Tax Commission website at nyc.gov/html/taxcomm or call 311.
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, 2009, the market value for
this property is $275,000. Finance will use this market value to determine your
property taxes starting July 1, 2009.
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 $57,429.
Expenses: We estimated expenses at $12,069.
Net Operating Income: We subtracted estimated expenses from estimated gross income,
resulting in a net operating income of $45,360.
Base Cap Rate: We used a capitalization rate of 11.700% 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 4.775% to account for taxes due.
Added together your overall capitalization rate is 16.475%.
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