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Donald Trump fights valuation on Park Avenue retail house, saying the property is being overvalued in comparison with related buildings

Trump's 502 Park Avenue building under a blue sky

Traffic in entrance of the Trump Park Avenue constructing in Manhattan. Frank Franklin II/AP Photo

  • Former President Donald Trump’s actual property firm is combating the valuation of Trump Park Avenue.

  • The constructing’s retail house has been overvalued in contrast with related properties, the corporate mentioned.

  • The assessed worth of the constructing’s business house elevated by about 1% in 2021-2022 tax 12 months.

Former President Donald Trump’s actual property firm is combating the property tax evaluation on its Trump Park Avenue retail house, saying partly that its valuation is simply too excessive in contrast with related properties.

Trump’s property at 502 Park Avenue has been assigned “excessive, unequal, erroneous, unlawful and illegal assessments,” the corporate mentioned in a six-page petition filed on Thursday in New York State Supreme Court.

The petition was first reported by Bloomberg News.

The assessed worth of the constructing’s business house elevated about 1%, climbing $112,347, for the 2021-2022 tax 12 months, in keeping with New York tax information.

Its complete market worth was assessed for the 12 months at $12,238,099, up from $12,125,752 the prior tax 12 months, in keeping with information.

But its market worth had been larger within the 2019-2020 tax 12 months, at $12,285,788, in keeping with information. It had elevated in each of the tax years previous to that.

The property’s market worth is “excessive” as a result of the “assessed valuation exceeds the full value of the real property,” or the “sum for which the said real property would sell under ordinary circumstances,” mentioned the submitting, which included Eric Trump as petitioner.

Trumps’ New York petition got here a number of weeks after Illinois officers lowered the taxes on the corporate’s Chicago tower by about 30%, partly as a result of the constructing’s business house has had bother discovering tenants.

Trump’s firm reportedly holds greater than $2 billion in actual property in main US cities, together with a minority stake in a San Francisco workplace tower. Between 2016 and 2020, Trump’s DC resort misplaced greater than $70 million, in keeping with an audit launched by a House committee on Friday.

Trump’s NY properties have been reportedly being scrutinized earlier this 12 months as a part of an investigation by Manhattan District Attorney Cyrus Vance Jr.

The firm’s Park Avenue property is basically residential.

Read the unique article on Business Insider

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