The People of the State of New York Ex Rel. Parklin Operating Corporation, Appellant, Against William S. Miller Et…

Summary

The New York Court of Appeals reversed the Special Term’s assessment of the relator’s land and building, holding that the statutory "full value" is the price the property would sell for under ordinary circumstances and that when the cost of reproduction less depreciation is lower than the value derived from income capitalization, the former sets the maximum assessable value. The Court found the Special Term erred in disregarding unrebutted cost‑of‑reproduction evidence as irrelevant. The case was remanded for a new hearing.