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New Jersey Tax Court Affirms Property Tax Assessments of Taxpayer’s Commercial Property

April 29, 2022, 5:00 AM

The New Jersey Tax Court April 22 affirmed the property tax valuations of a commercial property that was improved with a one-story regional mall. Taxpayer, the owner, challenged the Lopatcong Township and Pohatcong Township’s assessments for 2016 through 2020. Both Taxpayer and Lopatcong Township submitted appraisal reports from their experts. The tax court noted: 1) the property was in Lopatcong Township’s Highway Business zone where industrial and distribution or warehousing uses weren’t legally permitted; 2) Taxpayer failed to reconcile how its expert reached the conclusion that the property’s highest and best use, as vacant and improved, was for industrial and ...