Third Equity Owners Corp. v. City of New York

Counsel, on behalf of plaintiffs, certain real property owners within the City of New York, filed more than sixty separate complaints, all of which mirror each other. Essentially, plaintiffs challenge the valuation of their properties for tax purposes, contending that the assessments were unfairly elevated by the Department of Finance, and not properly reviewed by the New York City Tax Commission. Plaintiffs claim that as a result of a bribery scheme involving a number of New York City tax assessors, certain properties were underassessed, causing the remaining properties, including those owned by plaintiffs, to be overassessed. By their complaints, plaintiffs seek compensatory and related damages, alleging fraud, breach of fiduciary duty and negligence on the part of defendants, New York City and its agencies.