X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=46727 Justice Rosato PETITIONER CHALLENGED certain tax assessments on a 120-bed, 46,850-square-foot nursing home on a 2.76-acre parcel overlooking the Hudson River. In calculating the home’s fair market value, petitioner’s appraiser used an income capitalization approach based on the relation of state Medicaid reimbursements to the mortgage and equity interest in and real property taxes paid on the property. In a case of first impression, the court ordered correction of the assessment rolls and refund of overpaid taxes, ruling that nursing homes can be valued, for real property assessment purposes, by capitalizing income received for Medicaid reimbursements, with adjustments for Medicare reimbursements and private pay income. The court rejected respondent assessor’s calculations using U.S. Department of Housing and Urban Development guidelines that led to property valuations up to 3.5 times the price for which the nursing home was sold in 1990.

Want to continue reading?
Become a Free ALM Digital Reader.

Benefits of a Digital Membership:

  • Free access to 3 articles* every 30 days
  • Access to the entire ALM network of websites
  • Unlimited access to the ALM suite of newsletters
  • Build custom alerts on any search topic of your choosing
  • Search by a wide range of topics

*May exclude premium content
Already have an account?

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.