Joseph E. Seagram & Sons, Inc. v. Tax Commission

Chief Judge Desmond.

In this proceeding to review tax assessments the contest is as to the values ($20,500,000 in two of the years, $21,000,000 in" the third year) assigned by the Tax Commission to the building which was completed just before the first of these tax years at a cost of $36,000,000. Summarized, the position of appellant is that capitalization of rental income, including estimated rent for the offices occupied by appellant itself, would not justify a building value of more than about $17,000,000.

Unlike many of the real property tax proceeding orders reviewed in this court, this…