Donald Trump says the property is overvalued when compared to similar buildings, fighting valuations in retail space on Park Avenue.

Trump's 502 Park Avenue Building under the Blue Sky

Traffic in front of Trump Park Avenue Building in Manhattan. Frank Franklin II / AP Photo

  • Former President Donald Trump’s real estate company is fighting the reputation of Trump Park Avenue.

  • The building’s retail space is overvalued compared to similar properties, the company said.

  • The value of the building’s commercial space increased by approximately 1% during the 2021 to 2022 tax year.

Former President Donald Trump’s real estate company is fighting a property tax assessment on Trump Park Avenue’s retail space. The valuation may be too high compared to similar real estate.

The company said in a six-page petition filed Thursday at the New York Supreme Court that Trump’s assets on 502 Park Avenue were assigned “excessive, unequal, false, illegal, and illegal assessments.” ..

The petition was first reported Bloomberg news..

According to New York tax records, the value of commercial space in buildings increased by approximately 1% between 2021 and 2022, up $ 112,347.

Records show that the total market value for the year was valued at $ 12,238,099, up from $ 12,125,752 in the previous tax year.

However, records show that its market value was as high as $ 12,285,788 in the 2019-2020 tax year. It increased in both previous tax years.

According to the submitted documents including Eric Trump as the petitioner, the market value of the real estate is “the assessed value exceeds the full amount of the real estate” or “the amount that the real estate can sell under normal circumstances”. Is “excessive”. ..

Trump’s New York petition came a few weeks after Illinois authorities Tax reduction At the company’s Chicago Tower, the commercial space in the building has increased by about 30%, partly due to the difficulty in finding tenants.

Trump’s company reportedly Over $ 2 billion In real estate in major US cities, including Minority shareholders At the office tower in San Francisco. Trump DC Hotel between 2016 and 2020 Lost more than $ 70 millionAccording to an audit released by the House Committee on Friday.

Trump’s New York real estate reportedly Being scrutinized Earlier this year as part of an investigation by the Manhattan District Attorney Cyrus Vance Jr.

The property of the company’s Park Avenue is Mainly housing..

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