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Matter Sam Block Et Al. v. Tax Commission City New York

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eBook details

  • Title: Matter Sam Block Et Al. v. Tax Commission City New York
  • Author : Supreme Court of New York
  • Release Date : January 27, 1970
  • Genre: Law,Books,Professional & Technical,
  • Pages : * pages
  • Size : 70 KB

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[33 A.D.2d 899 Page 899] We find that the land was properly assessed at $75,000 for each of the years in question, but that the value of the subject
building, even as reduced by the Special Referee, was over-assessed. Since the petitioners' building was subject to rent control
the Referee erred in disregarding the actual rents collected in determining building value. Clearly, "the actual rents received
from tenants * * * is a better guide to follow than the estimated income testified to by the * * * [city's] expert" (Matter
of New York Cent. R. R. Co. v. Tax Comm., 26 A.D.2d 543.) Where a building is subject to rent control the surest guide to
a fair estimate of rental value is "the controlled rents". (Matter of City of New York [ Maxwell ], 15 A.D.2d 153, 161.) Further,
petitioners' objections to the items eliminated by the city's accountants from its expense figures are valid. Moneys expended
for roof repairs, amortized over the period of 10 years, is properly deductible at the yearly rate of $205. Expenditures for
boiler repairs or replacement [33 A.D.2d 899 Page 900]


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