The contention by tenant-respondent City of New York, that the valuation of petitioner's property fixed by its own assessors for tax purposes was excessive, is without merit. The presumption that the assessed valuation of the entire property including land and building is the fair value of the premises (Commercial Rent Law, § 4, subd. 2; L. 1945, ch. 3, as amd.) was not rebutted by a preponderance of the evidence. Accordingly we find that the fair value of the property...
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