The system is called site-value taxation where the city taxes the land and not the building. The city can base it value off any number factors for instance becuase of the Park Ave Bldgs access public unitles, and entertainment options etc
I looked up the Charlevoix Bldg and it has the same Troy P.O Box as the Park Ave Bldg it's listed to a R Sachs. As of 2002 the building has a cash value 354,600 and 236,300 but the taxable values are only 74,200 and 23,900. That means he pays around 5,300/yr for the PA and 1,700/yr on the Charlevoix. So this guy is getting off pretty cheap, his land is worth far more than the taxable value. Let just say the cash value=land value his taxes would be 25,200/yr and 16,800/yr I guarantee you Sachs would crap a brick if a bill like that came in the mail.
These give a good explanation of the system
http://www.cooperativeindividualism.org/gi...y_taxation.html
http://www.urbantools.net/kunstler.htm