On cross-appeal, defendant argues that the judge should have granted compound interest on the judgment. Defendant contends that there is a “clear constitutional obligation of providing annual compound interest on the deficiency portion of condemnation awards,” and relies on Borough of Wildwood Crest v. Smith, 235 N.J.Super. 453, 457, 563 A.2d 73 (Law Div.), aff'd o.b., 235 N.J.Super. 404, 407, 563 A.2d 48 (App.Div.), certif. denied, 113 N.J. 657, 552 A.2d 178 (1988). Here, Judge Polifroni relied on Rule 4:42–11 (interest rate on judgments in tort actions) to compute the interest rate on the condemnation judgment.
If the interest on that involuntary principal is not compounded, then "as the unpaid interest accumulates, the accumulated interest is the equivalent of an interest-free loan." Borough of Wildwood Crest v. Smith, 235 N.J.Super. 453, 563 A.2d 73, 75 (1988). We have said that the landowner "cannot be denied interest on the unpaid part of the award during the time he is deprived both of the use of the land and of the money representing its value."
Beardsley cites other federal and state cases which have required compounding of interest in condemnation cases and asks us to adopt the holding of these cases. E.g., United States v. 429.59 Acres of Land, 612 F.2d 459 (9th Cir. 1980); United States v. 129.4 Acres of Land, More or Less, in the County of Yuma, State of Arizona, 602 F. Supp. 750 (D.Ariz. 1985); Borough of Wildwood Crest v. Smith, 235 N.J. Super. 453, 563 A.2d 73 (1988). The state argues that the cases cited by Beardsley which require that interest be compounded were all decided at a time when each relevant statutory rate of interest was far below the market interest rates that existed at the time.
The lower federal court decisions interpreting this provision, while not binding on New Jersey courts, are entitled to respectful consideration in the interests of judicial comity. See Dewey v. R.J. Reynolds Tobacco Co., 121 N.J. 69, 80 (1990) (judicial comity helps to ensure uniformity and discourages forum shopping); State v. Norflett, 67 N.J. 268, 286, 337 A.2d 609 (1975) (state courts should give due respect to the decisions of the lower federal courts); Bor. of Wildwood Crest v. Smith, 235 N.J. Super. 453, 455 (Law Div.) (lower federal court decisions should be afforded consideration and respect), aff'd, 235 N.J. Super. 404 (App. Div. 1988).
Moreover, although Burger argues that the trial court failed to consider adequately the written submissions and testimony of the experts, the weight to be given to the evidence of experts is within the competence of the fact-finder. See Borough of Wildwood Crest v. Smith, 235 N.J. Super. 453 (App.Div. 1988). Here, Judge Garruto was presented with contradictory expert opinions.