Precision Dynamics Corp. v. Tax Commission

This apartment building, built in 1923, contains 63 apartments and 215 rooms. During the five tax years under discussion (1975/1976 — 1979/1980), the number of rent-controlled tenants decreased from 48 to 42; the rent-stabilized tenants increased from 11 to 17; the apartments leased to professionals remained constant at three. The assessments for the five-year period ranged from $665,000 to $680,000. Using the capitalization method, petitioner Precision’s appraiser, Sidney Panzer, valued the property during this time span from $320,000 to $550,000. Panzer’s calculations reflected the fact…