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Oct 2020

Regal Cinemas to close all U.S. locations, reports say

Struggling Regal Cinemas plans to close all of its U.S. movie theaters, according to multiple reports. British parent-company Cineworld will shutter 543 U.S theaters indefinitely as well as its locations in the United Kingdom and Ireland after losing $1.64 billion in the first half of the year due in large part to the coronavirus pandemic, …

Oct 2020

2021: The year of the commercial property tax challenges?

There is slightly less than three months to go before everyone can bid an aggressive goodbye to 2020. However, the New Year’s champagne that will flow with the arrival of 2021 will quickly give way to a hangover of another kind: commercial property tax considerations during the coming year. In a recent interview on Westfair …

Oct 2020

Guilderland asks court to toss Crossgates tax lawsuit

          GUILDERLAND — Claiming that the timing of the first appearance of coronavirus and nature of pandemics in general are not reasons for cutting the assessed value of Crossgates Mall by nearly half, the town of Guilderland has asked Albany County Supreme Court Justice Margaret T. Walsh to dismiss the lawsuit …

Oct 2020

Value of a typical home now exceeds $200K in five WNY districts

Housing prices have risen so high in five WNY school districts that the value of a typical home now exceeds $200,000. BUFFALO, N.Y. — Housing prices have risen so high in five Western New York school districts that the value of a typical home now exceeds $200,000. Atop the list is the Clarence Central School …

Oct 2020

Towns raise taxes, cut spending as Covid-19 batters budgets

Erie County towns are feeling a financial squeeze from the Covid-19 outbreak as they prepare their 2021 budgets. Some communities saw sharp drops in sales tax, mortgage recording tax and recreation fee revenue because of the pandemic and, while those categories are starting to rebound, they fear further losses in state aid next year. In …

Oct 2020

Sandra Lee deal on New Castle home where Andrew Cuomo resides reveals tax inequities

Tax Watch columnist David McKay Wilson digs into the sale of Gov. Andrew Cuomo’s official residence.  Sandra Lee has struck a deal to sell the New Castle home called Lily Pond that she shares with her ex-boyfriend, Gov. Andrew Cuomo, for $1.85 million. Real estate broker Greg Schriefer, of Sotheby’s International in Manhattan, confirmed Monday that the …

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 …

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