W.O.R.C. Realty Corp. v. Board of Assessors

OPINION OF THE COURT

Dickerson, J.

Introduction

In this consolidated Real Property Tax Law article 7 proceeding, this Court must determine, among other things, the proper method by which to value certain real property. Specifically, we are asked to determine whether the trial court erred in adopting an “income capitalization” methodology rather than a “comparable sales” or market approach upon concluding that the subject property functions more akin to a cooperative corporation than a homeowners’ association.

The Property and the Club

The subject property consists of approximately 239 acres of…