NJ Court Backs $12M Tax Reduction For Contaminated Site

Law360, New York (July 24, 2013, 9:11 PM ET) -- The Tax Court of New Jersey on Monday said the owner of a contaminated site in the Township of Lyndhurst, N.J., is entitled to more than $12 million in market value adjustments for tax assessment purposes, ruling an approved remediation plan is not required for contamination adjustments.

In a published decision, the state’s tax court ruled in favor of Red Roc Realty LLC, which sought an adjusted valuation for its 8.9-acre plot and 100,230-square-foot building for tax years 2006, 2007 and 2008 due to remediation costs...
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