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Trump Fights Park Avenue Constructing Valuation, Says NYC Is Overtaxing It

  • Former President Donald Trump’s actual property firm is combating the valuation of Trump Park Avenue.
  • The constructing’s retail area has been overvalued in contrast with comparable properties, the corporate stated.
  • The assessed worth of the constructing’s business area 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 area, saying partly that its valuation is simply too excessive in contrast with comparable properties. 

Trump’s property at 502 Park Avenue has been assigned “excessive, unequal, erroneous, unlawful and illegal assessments,” the corporate stated 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 area elevated about 1%, climbing $112,347, for the 2021-2022 tax 12 months, in response to New York tax data.

Its whole market worth was assessed for the 12 months at $12,238,099, up from $12,125,752 the prior tax 12 months, in response to data.

But its market worth had been larger within the 2019-2020 tax 12 months, at $12,285,788, in response to data. 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,” stated 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 area has had hassle 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 response to 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 essentially residential. 

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