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MATTER OF BLUE HILL PLAZA ASSOCIATES v. ASSESSOR(S) OF THE TOWN OF ORANGETOWN

280 A.D.2d 544 (2001)

720 N.Y.S.2d 527

In the Matter of BLUE HILL PLAZA ASSOCIATES, Appellant-Respondent, v. ASSESSOR(S) OF THE TOWN OF ORANGETOWN et al., Respondents-Appellants. PEARL RIVER SCHOOL DISTRICT, Intervenor-Respondent-Appellant. (Proceeding No. 1.) In the Matter of GLORIOUS SUN ROBERT MARTIN, L. L. C., Appellant-Respondent, v. ASSESSOR(S) OF THE TOWN OF ORANGETOWN et al., Respondents-Appellants. PEARL RIVER SCHOOL DISTRICT, Intervenor-Respondent-Appellant. (Proceeding No. 2.)

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

Decided February 13, 2001.

Ordered that the order and judgment is affirmed insofar as appealed and cross-appealed from, without costs or disbursements.

As a general rule, the sale of real property in an arm's-length transaction, if recent and not explained as extraordinary, is the best evidence of value for tax assessment purposes because it directly reflects the property's market value and does not require the court to engage in speculation (see, Matter of 50540 Realty v Tax Commn.,

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