Rite Aid Corp. v. City of Troy Board of Assessment Review

OPINION OF THE COURT

Patrick J. McGrath, J.

Petitioner, a lessee under a 20-year lease of a freestanding retail pharmacy located at 272 Hoosick Street in the City of Troy, commenced proceedings pursuant to RPTL article 7 to challenge the assessment imposed for each of the tax years 2011, 2012, and 2013.

Both parties sought summary judgment prior to trial. The City argued that a recent Third Department decision, Matter of Rite Aid Corp. v Otis (102 AD3d 124 [3d Dept 2012]), was dis-positive in its favor. In that case, the Court held that

“[a]lthough the proper valuation of stand-alone, national…