Successful Challenge to Property Tax Assessment Affirmed,
The board of managers of a condominium complex successfully challenged the town valuation of the property for real estate tax purposes. The town appealed and the Fourth Department affirmed (with two justices dissenting). The lengthy decision includes detailed discussions of the nuts and bolts of commercial property tax assessments, including the determination of the capitalization rate, the necessary documentation for an appraisal, the necessary qualifications for an appraiser, and the use of opinion evidence. In the Matter of French Oaks Condominium v Town of Amherst, et al, 1040, CA 12-00434 Fourth Dept. 2-1-13