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Several low-income multifamily properties challenged in Syracuse assessment hearings; city to review portfolio sales and comps
Summary
Owners or their representatives filed grievances for a bundle of low-income multifamily buildings owned by Summit Housing Associates and LIH Rehab V Associates, prompting city staff to supply comparable sales and note portfolio purchase history.
Multiple grievances covering low-income multifamily apartment buildings owned by two portfolios were read into the Syracuse Board of Assessment Review on Feb. 21 after petitioners did not appear in person. The properties include five parcels owned by Summit Housing Associates LLC and five by LIH Rehab V Associates LLC.
Why it matters: Assessment changes for multifamily housing can materially affect owners, tenants and municipal revenue. Portfolio purchases and allocations of purchase price complicate valuation in a rising market.
Summit Housing properties…
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