Supreme Court won't hear New York City rent case

[spooky3]

12. if the assessment processes in NY are like those in most of the rest of the country - yes

if you bought an investment property for $500K that would have been worth $700K if you could charge higher rents of a certain %-age, and its fair market value (i.e., what you could get if you tried to sell it) today is $600K but it would have been worth $800K if you could charge higher rents, then you are taxed on $600K (probably less, in most jurisdictions). If the county tries to assess your value at $800K, which is highly unlikely, since they are generally charged with tracking market increases/decreases for large communities over time, all you have to do is show them recent sales of comparable properties at ~$600K and a fair county will make the adjustment. If they don't, you usually have an appeal avenue.