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In re of Greater New York Savings Bank

Appellate Division of the Supreme Court of New York, Second Department
Feb 28, 2005
15 A.D.3d 661 (N.Y. App. Div. 2005)

Opinion

2003-10507.

February 28, 2005.

In consolidated proceedings pursuant to Real Property Tax Law article 7 to review real property tax assessments for the tax years 1993/1994 through 1997/1998, the petitioner appeals from an order and judgment (one paper) of the Supreme Court, Kings County (Pesce, J.), dated September 30, 2003, which, after a nonjury trial, denied the petitions and dismissed the proceedings.

Ordered that the order and judgment is affirmed, with costs.

Before: Schmidt, J.P., Santucci, Crane and Skelos, JJ., concur.


Upon our review of the record, we are satisfied that the Supreme Court accorded the evidence the weight it was due with respect to its determination to adopt the recommendations of the respondent's appraiser and not those of the petitioner's appraiser concerning the computation of assessed values using the capitalization of income approach to value ( see W.T. Grant Co. v. Srogi, 52 NY2d 496, 510, 511; Matter of Erie Blvd. Hydropower, L.P. v. Town of Ephratah Bd. of Assessors, 9 AD3d 540, 544). The city's appraiser's use of an overall yield rate to derive a capitalization rate was supported by the record. The determination of a proper capitalization rate is a factual question for the trial court, and the opinion evidence of appraisers is competent evidence of that rate ( see Matter of Continental Assur. Co. v. Mayor of Inc. Vil. of Lynbrook, 113 AD2d 795, 797; see also 13 Warren's Weed, New York Real Property, Tax Certiorari Valuation § 10.05 [2] [4th ed]; Appraisal Institute, Appraisal of Real Estate at 414-415, 420-421 [10th ed]; Matter of New York City Tr. Auth. [Superior Reed Rattan Furniture Co.], 160 AD2d 705).


Summaries of

In re of Greater New York Savings Bank

Appellate Division of the Supreme Court of New York, Second Department
Feb 28, 2005
15 A.D.3d 661 (N.Y. App. Div. 2005)
Case details for

In re of Greater New York Savings Bank

Case Details

Full title:In the Matter of GREATER NEW YORK SAVINGS BANK, Appellant v. COMMISSIONER…

Court:Appellate Division of the Supreme Court of New York, Second Department

Date published: Feb 28, 2005

Citations

15 A.D.3d 661 (N.Y. App. Div. 2005)
790 N.Y.S.2d 538

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