NJ Court Backs $12M Tax Reduction For Contaminated Site

Law360, New York (July 24, 2013, 9:11 PM EDT) -- 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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.