Industry News

Homeowners sue over real estate assessment practices

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

A real estate lawyer who also owns a mortgage company is representing a group of about 50 homeowners in a lawsuit against a town in New York, alleging unfair and illegal property assessments. Cynthia Crispen Mangiardi, the lawyer representing the homeowners of Canaan, N.Y., is also a party in the lawsuit, which alleges that "the method of real property tax assessment of the town of Canaan is invalid and unconstitutional," and asks for the court to "declare the entire 2004 tax roll of the town illegal." The lawsuit was filed earlier this month with the Columbia County Supreme Court of New York. The way in which the assessed value has been set is not at all consistent, and some homeowners are paying more than their fair share of property tax assessments, Mangiardi said, and the problem may be bigger than the town of Canaan. The housing boom, characterized by rapid home-price appreciation and rising assessed values in many communities across the nation, has led some homeowners to que...