This proceeding was initiated pursuant to article 7 of the Real Property Tax Law. After a trial the court reduced petitioner's assessment to $289,900, reflecting a full market value substantially less than a first mortgage on the property as of the taxable status date. In arriving at its decision and commenting on the significance of the mortgage, the Trial Judge stated that "A great deal of weight is not accorded to this type of evidence in tax assessment proceedings [citations...
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