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NOTICE OF 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 KIN SENG REALTY INC
#4589792090115018#
KIN SENG REALTY INC Property Address:
5406 8TH AVE 5406 8 AVENUE
BROOKLYN, NY 11220-3230 Borough Block Lot
BROOKLYN 826 40
Tax Class: 1
Units: 2 RESIDENTIAL
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 =                             $419,000          -$23,000           $396,000
Assessed Value =                            $23,509             +$179            $23,688
Exemption Value =                                $0               +$0                 $0
Taxable Value =                             $23,509             +$179            $23,688

How We Arrive at Your Values
Step 1: Market Value: If your property is a 1-5 family home, or vacant land (Class 1), we used information from properties that were sold recently to estimate your market value. If you own a property with 6-10 units, we estimated the income that you do receive or would receive as rent for your property, and then multiplied the income estimate by a multiplier to arrive at your market value. The multipliers by income type are available on nyc.gov/finance.
Step 2: Assessed Value: Finance multiplied your property's market value by 6% for 1-3 family homes and by 45% for 4-10 unit homes to determine the assessed value. However, your assessed value may be lower than 6% or 45% of your market value because by law your assessed value cannot increase more than 6% per year and 20% in five years if you own a 1-3 family home. If you own a 4-10 family home, your assessed value cannot increase more than 8% per year and 30% in five years.
Step 3: Exemption Value: Finance subtracted the value of any exemptions that you are entitled to, such as the senior citizen or veterans exemption, from your assessed value.
Step 4: 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 Value" Brochure available on our website at nyc.gov/updatepropertydata.
What If You Think Only the Market Value We Estimated is Wrong?
If you own a 1-5 family home, 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 complete the "Request to Update Property Data" form. If you own a 6-10 family property and you believe that we have incorrect information about your property or that the income we used is incorrect, please fill out the "Request for Review of Property Tax Assessment" form. Both forms are available on our website at nyc.gov/updatepropertydata or by calling (212) 504-4080 for assistance. However, even if our estimated market value is wrong, it may not result in a lower assessment. There's a sheet on page 3 of the "Annual Notice of Value" Brochure, available on our website at nyc.gov/updatepropertydata that will help you determine if both our market value and the resulting assessment are wrong.
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 for you to file a protest is March 16, 2009. Visit the NYC Tax Commission website at nyc.gov/html/taxcomm or call 311 for more information.
THIS IS NOT A BILL

DETAILED VALUE INFORMATION

Building Class: S2 - Multi-use Residence
Market Value: Finance estimates that as of January 5, 2009 the market value for your
property is $396,000. We estimated your property's market value using the time trend
method described below.
Time Trend Method - Finance estimated your property's market value by adjusting last
year's value by the percent change in average sales prices over time.
For this type of property, sales prices in the borough of BROOKLYN decreased by an
average of 5.00% since last year.
Finance adjusted last year's market value of $419,000 by the decreased percentage in
sales prices to arrive at an estimated value of $396,000.
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