NY Real Estate Co. Ducks $800K Tax Bill After 17 Years

Law360, New York (January 10, 2014, 7:39 PM EST) -- The Third Division New York Appellate Court on Thursday ordered New York City to refund a former waterfront property owner almost $800,000 in transfer taxes on land the city condemned in 1996, citing the repeal of the state’s property transfer tax law during the condemnation litigation.

In a unanimous decision, Judge John A. Lahtinen said the unique circumstances of the case required that property owner Malba Cove receive a transfer tax refund. The city initially claimed it owned the property outright, but it also initiated condemnation...
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