The town of Riverhead, N.Y., previously valued the club property at $30 million, requiring owners to pay $735,000 in real estate taxes per year. The challenge resulted in tax savings of $370,000 per year and a refund of almost $3 million.
Friar’s Head Golf Club in Riverhead, N.Y., has successfully challenged a property assessment of $30 million that required owners to pay $735,000 in real estate taxes per year.
Wellspeak Dugas & Kane, LLC provided valuation services and expert testimony for Traditional Links and Herman Katz Cangemi & Clyne, LLP. The appeal covered seven years (2007-2013) and the trial lasted 26 days over a period of five months.
Supreme Court Judge John C. Bivona accepted the adjusted golf course values and applied a 30% premium for excess land. The decision results in tax savings of about $370,000 a year and produced a refund of almost $3 million.
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