The valuation, assessment and taxation of golf courses has been headline news lately due in part to the publicity surrounding any and all real property owned by United States President Donald Trump. For example, in May, New York State Assemblywoman Sandy Galef (D-Ossining), announced her plan to introduce legislation that would change the methodology used to value golf courses. The legislation is intended as a response to tax assessment filings, including property in her district—Trump National Golf Club. Residents of her district believe the pro-forma demand for a 90% reduction in the assessment for Trump National Golf… Read more »
From November 13th to 16th, 2016, IPT (Institute for Professionals in Taxation) will hold its 40th Annual Property Tax Symposium at the Westin La Paloma in Tucson, Arizona. Kevin Clyne is the chair of the Symposium, and Jay Herman will be a featured speaker on the issue of golf course valuation.
When is a sale not the best evidence of value for tax assessment purposes? We cannot tell you the number of times municipalities have refused to resolve a pending tax review proceeding due to a subject property sale. We recently were successful in the Appellate Division, Second Department of the New York State Supreme Court, modifying a trial court’s determination of the value, for property tax assessment purposes, of a golf and country club in Westchester County. The subject property had been sold by the country club to our clients, who were neither golf course… Read more »