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Donald Trump fights assessment of Park Avenue retail space, saying property is overtaxed compared to similar buildings

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 against the valuation of Trump Park Avenue.

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

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

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

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

The petition was first reported by Bloomberg News.

The assessed value of the building’s commercial space increased by about 1%, climbing to $ 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 in the previous tax year, according to records.

But its market value had been higher in the 2019-20 tax year, at $ 12,285,788, according to records. It had increased in the previous two tax years.

The market value of the property is “excessive” because “the estimated appraisal exceeds the total value of the property” or the “amount for which said property would be sold under ordinary circumstances,” says the file, which included Eric Trump in as a petitioner. .

Trump’s New York petition came weeks after Illinois officials cut taxes on the company’s Chicago tower by about 30%, in part because the building’s commercial space struggled to find tenants.

Trump’s company is said to own 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 Washington hotel lost more than $ 70 million, according to an audit released by a House committee on Friday.

Trump’s New York properties were reportedly examined earlier this year as part of an investigation by Manhattan District Attorney Cyrus Vance Jr.

The company’s property on Park Avenue is largely residential.

Read the original article on Business Insider

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