Trump fights Park Avenue Building Valuation, says NYC is going too far.
- Former President Donald Trump’s real estate company is fighting the assessment of Trump Park Avenue.
- The company said the building’s retail space costs more than similar features.
- In the tax year 2021-2022, the estimated value of the building’s commercial space increased by about 1%.
Former President Donald Trump’s real estate company is fighting a property tax assessment on its Trump Park Avenue retail space, partly saying the price is too high for a similar property.
Trump’s property at 502 Park Avenue has been assigned an “excessive, unequal, wrong, illegal and illegal assessment.”
The request was first reported by Bloomberg News.
The estimated value of the building’s commercial space for the 2021-2022 tax year increased by about 1 percent, to $ 112,347, according to New York Tax Records.
According to records, its total market value was estimated at $ 12,238,099 for the year, up from ٹیکس 12,125,752 in the previous tax year.
But its market value was ڈالر 12,285,788 higher in the 2019-2020 tax year, according to records. Earlier, both tax years had increased.
The market value of the property is “excessive” because “the assessed property exceeds the full value of the real property,” or “the amount for which the property will be sold under normal circumstances”.
Trump’s New York request came just weeks after Illinois officials reduced taxes on the company’s Chicago Tower by about 30 percent, partly because the building’s commercial space had difficulty finding a tenant.
Trump’s company reportedly owns more than 2 2 billion in assets in major US cities, including a minority stake in the San Francisco Office Tower. Between 2016 and 2020, Trump’s DC Hotel lost more than 70 70 million, according to an audit released by the House Committee on Friday.
Trump’s New York properties were reportedly being investigated earlier this year as part of an investigation by Manhattan District Attorney Cyrus Venus Jr.
The company’s Park Avenue property is largely residential.