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• Title: Matter Stoneleigh Parkway v. Assessor Town Eastchester Et Al.
• Author : Supreme Court of New York
• Release Date : January 07, 1980
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 75 KB

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shall be limited to the matters set forth in their respective appraisal reports. Any party who fails to file an appraisal report as herein required shall be precluded from offering any expert testimony on value." Accordingly, the trial court struck the expert testimony presented by petitioner with respect to land value. Petitioners expert ultimately opted for the income approach. His report stated, in part: "The essential evidence of value in this appraisal is the Income Approach. This approach is most creditable in an income property appraisal, since these properties are usually bought for income rather than for amenties [sic] or any of the other benefits to real estate. The Income Approach reflects the opinions of the actual purchaser in the market place and is more directly related to their motivations." With respect to his income approach, petitioners expert stated: "Direct Property Capitalization in capitalizing the Net Income of the subject property, the Appraiser has selected the Direct Property Technique as the proper method using the Band of Investment Method, with Straight Line Recapture. I also incorporated an Effective Tax Rate, as computed herein, into the Effective Overall Rate. The Land Value has been carefully estimated from the market as previously demonstrated. Building value is computed by capitalizing the Net Income remaining after deducting from Gross Income all expenses. Therefore, our Analyses are as follows: Assessment Year 1973 -- Net Income Before Taxes & Recapture -- $340,018.00 Capitalized at 18% -- $1,900,000.00 (of which $247,000.00 is attributable to land)." The same methodology was used for the years 1974-1977. The report reveals that the 18% single capitalization rate used by the petitioner includes a "recapture rate for the depreciating structure estimated at approximately 25 years, indicating a rate of 4% utilizing Straight Line Recapture" (emphasis supplied) and on cross-examination petitioners expert conceded that he used a "4% recapture against net income that includes in that value a land value" (emphasis supplied). In dismissing the petitions at the close of petitioners case the trial court reasoned: "The Court: Well, with respect to the Rules of the Appellate Division the Court of Appeals has, last week in White Plains Property against the City of White Plains, sustained a very rigid interpretation of the Rules. * * The Court: All right. Now, with respect to your income approach, in the first place there were [sic] no analysis whatsoever of the land values and therefore a motion to strike all testimony with respect to comparable sales on land value has already been granted in this case and you have that exception. Mr. Klein [attorney for petitioner]: That is so, your Honor. The Court: Now, without a land value in an income approach, the Court has nothing before it by which it can make a determination on the income approach. It cant just take the rents without land value. I am not going to argue with you, sir, I am giving my ruling now, you see. I will give you my reasons for my ruling. I, therefore must strike the entire income approach because it is defective in not having any provable or sustainable land value. You cant take the income approach, add the value of land in order to apply a cap rate when you dont have the value of the land in the income figures, so I am granting the motion to strike the income approach. * * * Based upon the four corners of this appraisal, this Court researched this appraisal again last night, went over every single bit of it because it is a serious thing for the Court to dismiss at the end of a petitioners case if it can be, in the opinion of the Court, upheld. The Court is of the opinion that these motions must be granted. The petition is [73 A.D.2d 918 Page 920]

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