Ames Department Stores v. Assessor

Order and judgment unanimously affirmed without costs. Memorandum: Petitioners, the owners of a shopping center in the City of Auburn, commenced this proceeding pursuant to Real Property Tax Law article 7 to reduce the assessments of their property for tax years 1988-1989, 1989-1990, 1990-1991, 1991-1992 and 1992-1993. Supreme Court confirmed the report of the Referee, who found that the assessments were excessive, although not to the degree alleged by petitioners.

We reject the contention of the City of Auburn (respondent) that the Referee, in estimating the fair market rent under the income…