Warrensburg Commons (WC) was the owner of a 24-unit apartment complex that was leased to "low-income individuals."
In 2006, the Town Assessor of Warrensburg initially valued the complex at $689,000 but, after meeting with the building's manager, reduced the value to $250,000. Interestingly, the Board of Assessment Review rejected that agreement and set the property's value back at $689,000 for the next two years.
When a lawsuit was filed with the Warren County Supreme Court, WC argued that the complex should have been valued based on "actual income" rather than "market rents." The Town Assessor countered that the owner forfeited its right to contest the valuation because WC hadn't timely filed the required documentation.
After the Warren County Supreme Court denied the Town Assessor's request to dismiss the case, an appeal to the Appellate Division, Third Department, followed.
Since the law (upon which the Town Assessor relied) didn't have a forfeiture provision, the AD3 refused to infer or apply one, and was of the opinion the town needed to look to the Legislature if a stricter penalty was desired.
Bet WC was glad to have flushed that one out.
To view a copy of the Appellate Division's decision, please use this link: Matter of Warrensburg Commons LPT v. Town Assessor of Town of Warrensburg