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- Title
The Real Property Tax and Architecture: A Note on the Seagram Case.
- Authors
Lefcoe, George
- Abstract
Explains that architects and planners may find unacceptable New York appellate court decisions in the Seagram case. Joseph E. Seagram & Sons challenged the real property tax assessment on the Seagram building in New York City, New York and some architects perceive the assessment as a tax on the building's high architectural quality. New York City Administrative Code requires property to be assessed at market value, or what it would sell for under ordinary circumstances. Replacement cost and capitalized income were used in appraising the building. Using evidence Seagram presented, the court assumed the capitalized income value of the building to have been $17,800,000 while its construction cost was $36,000,000.
- Subjects
NEW York (N.Y.); UNITED States; REAL property tax; LAND value taxation; CONSTRUCTION costs; JOSEPH E. Seagram &; Sons Inc.; TAX assessment; ARCHITECTURE; APPELLATE courts; COMMERCIAL buildings; OFFICE buildings
- Publication
Land Economics, 1965, Vol 41, Issue 1, p57
- ISSN
0023-7639
- Publication type
Article
- DOI
10.2307/3144890