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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.

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