2005/06/15 Council Agenda Packet

Changes on Individual Properties After determining that the rate of increase of the total actual assessed values of the Eighth Avenue Study Blocks was less than the rate of increase for the Control Blocks, we zeroed in to compare more closely the rates of change for the lots themselves. After detailing each block, property by property, an overall figure for the "social block" or the avenue considered with both its east and west sides, Is noted. The assessed values of the tax lots on the Eighth•Avenue Control Blocks were analyzed in terms of proximity to the location of adult use establishments; the purpose of the exerci' - - se. vvas tosee if there were 'any; regarding.the,aocation i of establishments and the rates -of change. ' The findings are shown below.,-ln: most..cases,'.the .rate of -changes -for. other the lots on blocks +were less than those with adult use establishments.";; Note that the ...... h . tax' lots which have adult use establishments are ind'-ated by, bold type.: . When there is a decline in the assessed value, and the Department of Finance records indicate no change in the building class or size, we can assume that the property owner had at some point filed for and been granted a reduction in the property's assessed value though a Certiorari proceeding.. --- - - --- There may be many reasons for a property's assessed value to- have changed at a rate different than those of the rest of the block, or the general area. One cannot automatically assume any one ..reason, such a -s --`the proximity 'of adult use establishments. For -:example; the physical condition :of .the. property. _may. -have..:.:-_ deteriorated, or the property may be at a location undesirable from the polnt.of,;view of potential retailers. While it may well be that the concentration of adult use establishments has a, .._generally depressive effect on the ,adjoining properties;'_as'a:.statlstical matter we do -not have sufficient data to prove or'disprove-this thesis.'A ri ay also be that .simply the presence of adult use -establishments' is :subjectively. viewed: by 'assessors .as a -.- factor that necessarily reduces the value of an property. -in short, assumptions may Influence assessment. ' Also included in the lists below are the actual uses --the types of stores or restaurants, for example—for each property along the Eighth Avenue Study blockfronts, from 45th through 48th Streets. We have tried to see If there is- any pattern in which uses that one might .consider to be more compatible with an adult use reveal a different rate of change in assessed value than other, less compatible uses. 26 EVER00212