Third I. C. M. Realty Co. v. Town of Camillus

Judgment unanimously modified, on the law, and, as modified, affirmed, without costs, in accordance with the following memorandum: In this tax certiorari proceeding for tax years 1981, 1982 and 1983 involving a 346-unit apartment complex, the court calculated the net income produced by the property in each tax year and capitalized these figures to arrive at full value. In arriving at net income the court allowed as capital expenditure deductions from gross income the actual amounts annually spent on the replacement of certain capital goods having an expected lifespan less than that of the…