Judgment unanimously modified and, as modified, affirmed, with costs to petitioner, in accordance with the following memorandum: In this real property tax assessment proceeding under article 7 of the Real Property Tax Law the parties utilized the "band of investment" method of calculating the capitalization rate. The trial court based its calculation on an average mortgage interest rate of 10% and an expected rate of return on equity of between 7% and 10%, rates within the...
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