Matter of Metro. Life Ins. Co. v. Tax Comm'n of the City of New York

OPINION OF THE COURT

Memorandum.

The order of the Appellate Division, First Department, should be reversed, with costs, and the proceeding remitted to that court for determination of the facts.

“The determination of market value essentially is a question of fact” (Grant v Srogi, 52 NY2d 496, 510). Similarly, the subsidiary question of whether capitalization of net income premised upon a single rather than a multiple tenant basis more accurately reflected the market value of the buildings in question was one of fact. That in mind, on the record here, it cannot be said that the determination of…