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Bad news from NY State
Release Date: March 14, 2003

BAD NEWS FROM NEW YORK THAT WILL IMPACT FUTURE BUDGETS...

We have just received a notice form New York State Office Of Real Property Tax Service that they conclude the Equalization Rate for 2002 is 4.48%. The new rate represent a 21% drop from the preceding year. This drop is extremely unusual and results from policy decisions voluntarily made by state officials. If they are correct, our ability to stem off certiorari losses will be severely hamstrung. Our litigation liability will increase dramatically .

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