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MATTER OF 50540 REALTY, INC. v. TAX COMM'N OF THE CITY OF NEW YORK

136 A.D.2d 699 (1988)

In the Matter of 50540 Realty, Inc., et al., Appellants, v. Tax Commission of the City of New York, Respondent

Appellate Division of the Supreme Court of the State of New York, Second Department.

January 25, 1988

Ordered that the judgment is affirmed, with costs.

As a general rule, an actual sale at arm's length, if recent and not explained as extraordinary, is the best evidence of value for tax assessment purposes because it is directly reflective of the property's market value and does not require the court to engage in speculation (Matter of Southern Westchester Assocs. v Assessor of City of Yonkers, 122...

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