June 9, 2023

Donald Trump fights valuation on Park Avenue retail space, saying the property is being overtaxed when compared with similar buildings

Trump's 502 Park Avenue building under a blue sky

Traffic in front of the Trump Park Avenue building in Manhattan. Frank Franklin II/AP Photo

  • Former President Donald Trump’s real estate company is fighting the valuation of Trump Park Avenue.

  • The building’s retail space has been overvalued compared with similar properties, the company said.

  • The assessed value of the building’s commercial space increased by about 1% in 2021-2022 tax year.

Former President Donald Trump’s real estate company is fighting the property tax assessment on its Trump Park Avenue retail space, saying in part that its valuation is too high compared with similar properties.

Trump’s property at 502 Park Avenue has been assigned “excessive, unequal, erroneous, unlawful and illegal assessments,” the company said in a six-page petition filed on Thursday in New York State Supreme Court.

The petition was first reported by Bloomberg News.

The assessed value of the building’s commercial space increased about 1%, climbing $112,347, for the 2021-2022 tax year, according to New York tax records.

Its total market value was assessed for the year at $12,238,099, up from $12,125,752 the prior tax year, according to records.

But its market value had been higher in the 2019-2020 tax year, at $12,285,788, according to records. It had increased in both of the tax years prior to that.

The property’s market value is “excessive” because the “assessed valuation exceeds the full value of the real property,” or the “sum for which the said real property would sell under ordinary circumstances,” said the filing, which included Eric Trump as petitioner.

Trumps’ New York petition came a few weeks after Illinois officials lowered the taxes on the company’s Chicago tower by about 30%, in part because the building’s commercial space has had trouble finding tenants.

Trump’s company reportedly holds more than $2 billion in real estate in major US cities, including a minority stake in a San Francisco office tower. Between 2016 and 2020, Trump’s DC hotel lost more than $70 million, according to an audit released by a House committee on Friday.

Trump’s NY properties were reportedly being scrutinized earlier this year as part of an investigation by Manhattan District Attorney Cyrus Vance Jr.

The company’s Park Avenue property is largely residential.

Read the original article on Business Insider

Leave a Reply

Your email address will not be published. Required fields are marked *