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

Reject Tax Assessors’ Finance-Industry Valuations

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Appraisal methodologies for financing seniors housing properties factor in more than real estate to produce amounts that exceed property-only value. That means seniors housing owners may be paying real estate taxes on non-real-estate assets.

Everyone can...

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3 Keys to Appealing an Unfair Assessment

Spencer Fane's Michael Miller on the critical steps for finding tax relief.

This is a challenging time in the property tax world. Pandemic-era federal assistance programs have dried up, increasing communities' appetite for tax dollars to deal with crime, homelessness, transportation and other issues. Recognizing that inflation has put taxpayers under...

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Drew Raines: How to Reduce Student Housing Property Tax Assessments Post-Pandemic

Not long ago, assessors' student housing properties valuations generally struggled keeping pace with the rising market.College enrollment was high, rent growth outpaced expenses and student expectations lined up with most newer facility amenities. However, the COVID-19 pandemic and its fallout changed the game.

Property taxes are often the single highest expense...

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