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MATTER OF COMMERCE HOLDING CORP. v. BD. OF ASSESSORS OF THE TOWN OF BABYLON

216 A.D.2d 466 (1995)

628 N.Y.S.2d 186

In the Matter of Commerce Holding Corp., Respondent, v. Board of Assessors of the Town of Babylon et al., Appellants

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

June 19, 1995

Ordered that the order and judgment is affirmed, with costs.

Under New York law, the value at which real property may be taxed has been equated with market value, which is "`the amount which one desiring but not compelled to purchase will pay under ordinary conditions to a seller who desires but is not compelled to sell'" (Grant Co. v Srogi, 52 N.Y.2d 496, 510). The petitioner's parcel had been designated by the Environmental...

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