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NOTICE OF PROPERTY VALUE



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View January 15, 2005 - NOTICE OF PROPERTY VALUE

What is the Notice of Value?
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January 15, 2008
Owner Name:
#BWNFFBV KIM, DONG KWAN
#5359483080115011#
KIM, DONG KWAN Property Address:
5508 5TH AVE 5508 5 AVENUE
BROOKLYN, NY 11220-3413 Borough Block Lot
BROOKLYN 831 40
Tax Class: 2A
Units: 4 RESIDENTIAL
2 NON-RESIDENTIAL
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 =                             $929,000            +3,000           $932,000
Actual Assessed Value =                     $88,452            +2,223            $90,675
Actual Exemption Value =                         $0                +0                 $0
Transitional Assessed Value =               $88,452            +2,223            $90,675
Transitional Exemption Value =                   $0                +0                 $0
Taxable Value =                             $88,452            +2,223            $90,675

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: S9 - Multi-use Residence
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, 2008, the market value for
this property is $932,000. 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 4,860.
Gross Income: We estimated gross income at $98,060.
Multiplier: We used a gross income multiplier of 9.500 which is our estimate of the
relationship between the property's income and the property's market value.
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