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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:
ZHONG JING NONG Property Address:
2155 W 6TH ST 753 55 STREET
BROOKLYN, NY 11223-3726 Borough Block Lot
Tax Class: 2A
(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 =                             $363,000          +$44,000           $407,000
Actual Assessed Value =                     $59,320           +$1,942            $61,262
Actual Exemption Value =                         $0               +$0                 $0
Transitional Assessed Value =               $59,320           +$1,942            $61,262
Transitional Exemption Value =                   $0               +$0                 $0
Taxable Value =                             $59,320           +$1,942            $61,262

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 2, 2009. Visit the NYC Tax Commission website at nyc.gov/html/taxcomm or call 311 for more information.


Building Class: C2 - 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, 2009, the market value for
this property is $407,000. 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 3,855.
Gross Income: We estimated gross income at $47,841.
Multiplier: We used a gross income multiplier of 8.500 which is our estimate of the
relationship between the property's income and the property's market value.
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