Rite Aid Loses Upstate NY Property Tax Assessment Appeal

Law360, New York (November 1, 2013, 2:56 PM EDT) -- An Upstate New York town defending its property tax assessment of a local Rite Aid got a shot in the arm Thursday when a state judge agreed that an inflated lease moved the property into a different category of ownership interest that warrants a higher assessment.

The town of Schodack, N.Y., and Rite Aid each brought their own appraisers to the March trial, who said the property was worth $3.6 million and $1.6 million respectively. The town's initial property assessment of $2.5 million was ultimately upheld...
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