Summary
finding sale price of allegedly comparable property could have reflected burden of non-economic lease, thereby precluding use of the sale as a reliable indicator of value
Summary of this case from First Republic Corp. v. East NewarkOpinion
Argued September 15, 1986.
Decided October 1, 1986.
Appeal from the Tax Court of New Jersey.
Anthony D. Andora argued the cause for appellant ( Andora, Palmisano, Harris Romano, attorneys; Anthony D. Andora, of counsel; Joseph M. Andresini on the brief).
Frank A. Carlet argued the cause for respondent ( Goldman, Carlet, Garrison, Bertoni Klein, attorneys; Frank A. Carlet and Marjorie Neifeld on the brief).
Before Judges PETRELLA, BILDER and GAYNOR.
In this property tax appeal both WCI-Westinghouse, Inc. (WCI), the taxpayer, and Edison Township (Edison), the taxing district, filed appeals from the original assessment. In the Tax Court the land value was stipulated and the issue was the value determination of the improvements. Judge Andrew concluded that neither party sustained the burden of proof to establish that the original assessment, affirmed by the County Tax Board with respect to Edison's appeal, was incorrect and hence affirmed the total assessment.
Edison appealed, claiming the assessment was too low, and that in dismissing the complaint the Tax Court erred in finding that the subject property was not a special purpose property and in rejecting the reproduction cost approach to establish value. WCI cross-appealed, asserting that the assessed value was too high. It argues that the Tax Court judge should have ruled that the appropriate method for valuing the property was the market approach; that it was not necessary to quantify adjustments to arrive at a proper market data value; and that the taxpayer had submitted sufficient evidence to enable a determination of the true value of the improvements by the Tax Court by "reviewing the evidence practically and within realistic limits."
We affirm substantially for the reasons set forth by Judge Andrew in his decision which is reported at 7 N.J. Tax 610 (Tax Ct. 1985).