Trump Says New York Property Taxes Exceed His Park Avenue Retail Property Value
23:07 GMT 08.10.2021 (Updated: 13:25 GMT 06.08.2022)
WASHINGTON (Sputnik) - Former President Donald Trump's company Trump Park Avenue LLC is asking the New York Supreme Court to lower the property taxes on the retail space of his tower at 59th Street and Park Avenue, court documents revealed.
"The said assessments are excessive in that (a) the assessed valuation exceeds the full value of the real property," the court document said on Friday.
US media reported that Trump's Park Avenue retail property is currently estimated at about $12.2 million in market value, which results in an annual property tax bill of $520,000.
5 October 2021, 19:39 GMT
According to the court document, Trump's company argues the property value for his Park Avenue tower is substantially higher than the assessed value of other properties in New York City.
Trump's legal team claims the assessments are illegal because they have been wrongfully denied a hearing to correct the property value in question.