River House Co. v. Assessor of Binghamton

Appeal from an order of the Supreme Court, entered February 13, 1976 in Broome County, which reduced the assessment on petitioner’s property located in the City of Binghamton. This proceeding was initiated pursuant to article 7 of the Real Property Tax Law. After a trial the court reduced petitioner’s assessment to $289,900, reflecting a full market value substantially less than a first mortgage on the property as of the taxable status date. In arriving at its decision and commenting on the significance of the mortgage, the Trial Judge stated that "A great deal of weight is not accorded to…