§ 23-07 Presumptions and Burden of Proof.
RCNY § 23-07
The law presumes that all deeds and transfers of controlling economic interests in real property are taxable. Where the consideration includes property other than money, it is presumed that the consideration is the value of the real property or interest therein. Where the consideration is measured by the fair market value of realty, it is presumed that the fair market value is not less than twice the assessed valuation of the realty on the assessment roll of the City at the time of delivery of the deed, or the transfer of the controlling economic interest. These presumptions prevail until the contrary is established and the burden of proving the contrary is on the party seeking to rebut the presumption. The burden of proving that a lien or encumbrance existed on the real property or interest therein before the deed was delivered and remained thereon thereafter and the amount of such lien or encumbrance at the time of delivery of the deed is on the taxpayer.
