Quoted Text

Judge denies tax break for Mansion Square developer
Owner disputed value
Tuesday, November 6, 2012
By Steven Cook (Contact)
Gazette Reporter  

NISKAYUNA — Bids by a developer to reduce three years of assessments on the new Mansion Square property in Niskayuna have been turned back by a judge, according to a ruling filed last week.

Highbridge Development had filed proceedings against the town assessor, contending that the assessment on the 3421 State St. property was as much as double as it should have been.

Development at the former Ingersoll Home site has moved steadily of late and is nearing capacity, representatives have said. Of note was the August announcement of the anchor store, a Walmart Neighborhood Market slated to open next year.

The assessments at issue date from 2008, 2009 and 2010 and relate to the entire Highbridge Development-owned property.

In 2009, the town assessed the property at $3.1 million, the same as Highbridge originally purchased it for in 2008. But Highbridge’s appraiser valued it at just $1.4 million.

Under the Ingersoll Home, the property had been tax exempt, a status lifted with the sale to Highbridge. The Ingersoll Home, now known as Ingersoll Place, moved to a new facility on nearby Consaul Road.

At stake in the assessment dispute for one year alone was about $70,000 in property taxes.

Justice Vincent J. Reilly Jr., though, ruled against Highbridge on each of the three years, either on a technical argument or on an argument based on the site’s purchase price.

Reilly ruled specifically on the merits of the 2009 tax arguments, pointing out Highbridge’s purchase price.

The judge also noted that Highbridge had a contract in place to sell it then for $7.5 million, though that contract never went through.

Highbridge’s appraiser testified that the fair market value was $1.4 million, Reilly wrote, the purchase price notwithstanding. The appraiser testified he believed other considerations made up the remainder of the purchase price.

Reilly, though, noted that no specifics were cited as to what those other considerations might have been.

In the other two years in dispute, 2008 and 2010, Reilly ruled against Highbridge for technical reasons. In the 2008 dispute, Reilly found Highbridge failed to exhaust other remedies by not seeking an administrative review.

The 2010 dispute was dismissed as the wrong school district was served, Reilly wrote. Mansion Square is in the South Colonie School District, not the Niskayuna Central School District.

After reading Reilly’s decision Monday, Niskayuna Town Supervisor Joe Landry praised it.

“We basically agree with the decision,” Landry said. “It just shows that our assessment was correct.”

Landry was unsure if more recent challenges have been made.

Highbridge was represented by the firm Parisi, Coan & Saccocio. A representative could not be reached for comment Monday........................>>>>.....................>>>>......................http://www.dailygazette.com/news/2012/nov/06/11_06_assess/