The decision in an appeal filed by Latham & Watkins attorneys including ex-New York Chief Judge Jonathan Lippman, is not final, but an important step toward possible reform.
March 20, 2024 at 02:54 PM
4 minute read
Litigation Reporter
A split ruling by New York’s top court could rebuild New York City’s real-estate taxation system—which litigants agreed is “disparate”—with one city attorney suggesting it might lead to an influx of owners protesting valuations.
The city’s decades-old system allows for caps to underassess condos and co-ops in affluent neighborhoods, while placing a heavier portion of the burden on neighborhoods of persons of color, to the tune of a $400-million-a-year disparity by some estimates.
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The New York Court of Appeals on April 5, 2022 in Albany, New York. Photo: Ryland West/ALM
