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We just got a notice from the Dept. of Finance stating the “market value” for our brownstone. We just bought the place in November 2009. It’s a 3-family in park slope. We paid $1.695 and DOF has valued it at $1.97. So that’s roughly $300,000 over what we paid (and we paid the asking price).

The DOF letter includes instructions for what to do if we’d like to dispute this valuation.

My question is: should we? The case we would make would be that it’s worth what we paid, I suppose.

Interestingly the DOF statement also notes a drop in market value from the previous year, 2007 I think, when it had been valued at $2.1 something.

I’m sort of thinking it might be best to let sleeping dogs lie… also it sounds easier.

I’m pretty sure we are paying very low property taxes in NYC in general, so this seems like it may not matter. Maybe there are even reasons having a higher value makes sense.

Advice? Thoughts?

thanks