Property Tax Resources

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New York City Property Tax Updates

Updated june 2021

Recent Case Law in Property Valuation

The court, in the recent case of Sleepy Hollow County Club against The Town of Ossining, held that the Income Capitalization Method is the appropriate method to value the subject property of Sleepy Hollow Country Club, a Westchester golf course. Sleepy Hollow argued that the assessment should be reduced using the estimated daily fee rate, rejecting the Town’s argument that the club’s exclusivity and trophy-esqe qualities should be taken into account in assessing the property.   

An important hotel valuation case won by Joel Marcus and Philip Azarian of Marcus & Pollack LLP, held that the Marriott Courtyard near LaGuardia Airport was overvalued by the city. The challenge, which is for the fiscal years 2014-2015 through 2018-2019, reduced the hotel’s tax bill by more than $11 million. According to Joel, the city overvalued the hotel because, rather than rely on the property’s actual expenses, it calculated what the hotel’s expenses would have been using a market average. The city also used comps for hotels in Washington and Boston, cities that Joel believes have little relevance to the New York market. Cross examination of the City’s appraiser revealed that his report failed to adequately detail the methodology and data used from comparable properties. (GCP Realty II, LLC, against The Tax Commission of the City of New York and the Commissioner of Finance of the City of New York.) 

Joel R. Marcus
Marcus & Pollack LLP
American Property Tax Counsel (APTC)

New Jersey Property Tax Updates
New York State Property Tax Updates

American Property Tax Counsel

Recent Published Property Tax Articles

How Poor Performance Can Aid Property Tax Appeals

Accounting for weak operations can buoy arguments to reduce taxable value, writes Baker Jarrell of Popp Hutcheson PLLC.

Property taxes are an ongoing headache for many commercial real estate owners, especially when their properties generate inadequate income. Assessors compound these frustrations when they value underperforming real estate as if it were...

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John Stark and Kirk Garza: Assessors Often Overvalue Student Housing

With competition from a growing supply of purpose-built student housing (PBSH) and student renters' ever-evolving preferences driving costs, property owners in the sector must guard against excessive tax assessments.

Assessors often treat this special asset class as a traditional multifamily development, while PBSH is designed specifically for university students. As such...

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Obsolescent Real Estate Presents Complications for Property Taxes

Incurable obsolescence — the stealth killer of commercial real estate value — is all too often overlooked in property tax appeals.

Any obsolescence can affect a property's value. Normal obsolescence involves curable problems, such as outdated fixtures and finishes that reduce a building's desirability. In valuation, the anticipated cost to cure...

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