(DOWNLOAD) "Matter Teachers Insurance and Annuity Association America v. Tax Commission City New York" by Supreme Court of New York * eBook PDF Kindle ePub Free
eBook details
- Title: Matter Teachers Insurance and Annuity Association America v. Tax Commission City New York
- Author : Supreme Court of New York
- Release Date : January 30, 1967
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 67 KB
Description
The property under review is a 28-story, modern, airconditioned office building; almost, if not completely rented, and located in an area of great potential. It represents an over-all investment of over fourteen million dollars, a sum far exceeding the total assessment. It has, with some consistency, yielded a net return of approximately 9% on the assessed valuations. These facts are sufficient to preclude any reeduction in the assessments. (Matter of Metropolitan Life Ins. Co. v. Tax Comm. of City of N. Y., 22 A.D.2d 870, affd. 16 N.Y.2d 935.) In the matter before us, the case against reduction is rendered more cogent by the fact that in 1959, in a sale lease back transaction, wherein New York Life Insurance Company paid $14,377,000 for the property, $2,400,000 was allocated to land alone. Moreover, the sole testimony of petitioner's expert is too slender a reed to support the conclusion of Special Term. The record, therefore, lacks substantial basis for a reduction of the assessments for the years in question. Settle order on notice.
 "Matter Teachers Insurance and Annuity Association America v. Tax Commission City New York" by Supreme Court of New York * eBook PDF Kindle ePub Free){kind=link}