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Month: September 2020

Sep 2020

New York Appellate Court Decision Stops Short of Settling Solar Property Tax Issues

    Both renewable energy market participants and taxing jurisdictions in New York State have long been bedeviled by inconsistent and unclear real property tax policy and assessments. A recent decision from the State’s appellate court could have helped clarify the confusion, but stopped short of doing so. In Cornell Univ. v. Bd. of Assessment …

Sep 2020

New home sales crush expectations, but the supply is running out

Exceptional demand for new and existing homes, brought on by the stay-at-home culture of the coronavirus pandemic, has the housing market severely depleted. Sales of newly built homes jumped to the highest level in 14 years in August, but builders’ supply dropped to just 3.3 months’ worth at the current sales pace. A six-month supply …

Sep 2020

Home Prices Rose 11% in August—Biggest Gain in Over 6 Years

The housing market in August resembled a game of musical chairs, as high home prices and low mortgage rates began to draw more sellers to the market: New listings climbed 5%, fueling a 30% increase in pending sales. The national median home price rose 11% year over year to $328,400 in August—the largest annual increase …

Sep 2020

Infilling: Severyn Development in Oxford Triangle

Severyn Development has two residential developments underway within the Oxford Triangle neighborhood. Two new homes are being constructed at 30 and 34 Horton Place. A short distance away, a two-family residence and carriage house are being built at 1016 Lafayette Avenue. The new residences at 30 and 34 Horton Place are available for purchase or …

Sep 2020

Lavish East Hampton compound on the beach in contract for $70M

A stunning waterfront compound in East Hampton is in contract for around $70 million, sources tell Gimme Shelter. If it sells for that price, it would be the most expensive Hamptons sale of 2020 — a year in which the coronavirus pandemic pushed area demand (and sales prices) to record highs. The sprawling estate at …

Sep 2020

County agrees to help in legal cases

JOHNSTOWN — The Fulton County Board of Supervisors recently agreed to the county assisting two legal defense cases involving assessment challenges in the Glove Cities. One of the two involves a proposed $25 million reduction in the Walmart Distribution Center’s assessment. Gloversville 5th Ward Supervisor Gregory Young said it is “frustrating” when other businesses and county residents …

Sep 2020

PPE maker plans Amherst facility

Premium PPE plans to invest $4.5 million into opening a personal protective equipment facility in Amherst that will create 25 jobs, according to the New York Power Authority. The Power Authority has agreed to support the company’s expansion plan with low-cost power. Premium PPE will broaden its business into manufacturing, according to the Power Authority. The …

Sep 2020

Stop waiting for a 2nd STAR property tax break from NY in 2020; the check isn’t coming

Homeowners in New York state got used to receiving a second STAR property tax break check in the fall. But this year, the state is only giving one STAR handout. Taxpayers will continue to get the tax break they claim routinely on their school property tax bills. It comes as a discount on school property …

Sep 2020

State’s highest court dismisses property tax reform appeal

The state’s highest court this week dismissed an appeal that sought to reform New York’s property tax system. The New York Court of Appeals did not rule on the merits of the case, but dismissed Tax Equity Now New York’s claim because “no substantial constitutional question is directly involved.” Tax Equity Now New York argued …

Sep 2020

Syracuse agrees to $2.5M assessment reduction on National Grid HQ

Syracuse, N.Y. — City lawyers recently agreed to lower the assessment on National Grid’s iconic downtown building, saving the company nearly $18,000 a year in city and school property taxes. The city will refund National Grid $17,905 in taxes already paid as part of a settlement for an ongoing lawsuit over the company’s tax bill. …

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