Plaza Management Co. v. City Rent Agency

We thoroughly agree with the Appellate Division’s disposition of this case. Indeed, our affirmance of its order would have been on that court’s opinion were it not for our dissenting brother’s argument, not treated below, that the city’s use of special equalization ratios, as authorized by article 12-A of the Real Property Tax Law (L. 1968, ch. 1069), is somehow “ inconsistent ” with the use of the property’s “ assessed value” to determine what constitutes a “fair return.” The present opinion is, therefore, addressed exclusively to that new argument.

The position taken appears to be virtually…