Market Value = $1,560,000 +180,000 $1,740,000 |
Actual Assessed Value = $702,000 +81,000 $783,000 |
Actual Exemption Value = $0 +0 $0 |
Transitional Assessed Value = $595,500 +58,500 $654,000 |
Transitional Exemption Value = $0 +0 $0 |
Taxable Value = $595,500 +58,500 $654,000 |
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| 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. |
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| 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. |
|
| 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. |
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| DETAILED VALUE
INFORMATION |
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| Building Class: L8 -
Loft buildings |
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| 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, 2005, the
market value for your property is $1,740,000.
Finance will use
this market value to determine your property taxes starting July 1,
2005.
- Finance estimated your property's market value using the income
approach.
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| Factors Used By Finance To
Determine Market Value: |
|
- Building Gross Square Footage: We estimated building gross square
footage at 14,427.
- Gross Income: We estimated gross income at $348,200.
- Expenses: We estimated expenses at $83,700.
- Net Operating Income: We subtracted estimated expenses from
estimated gross income, resulting in a net operating income of $264,500.
- Base Cap Rate: We used a base capitalization rate of 9.962% 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 5.201% to
account for taxes due. Added together your overall capitalization rate
is 15.163%.
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