The New Jersey Tax Court recently ruled in Methode Electronics, Inc. v. Twp. Of Willingboro, Docket Nos. 019012-2010 and 014098-2011 (Tax January 22, 2015) that the assessment on contaminated property located in Willingboro, New Jersey must be reduced to a mere nominal amount due to its undevelopable condition. In Methode, the property owner
Carl A. Rizzo
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Arms’ Length Sale of Contaminated Property is Best Indicator of Value for Tax Appeal Purposes:
By Carl A. Rizzo on
In the recent Orient Way Corp. v. Tp. of Lyndhurst (35-2-4760) decision, the Appellate Division upheld the Tax Court’s determination that an arms’ length sale of the subject contaminated property provided credible evidence of true market value. The import of this decision is that where an arms’ length transaction exists, the reliance on the highly…
Recent Decision Presents Valuable Case Study In the Legal Considerations Attendant to Shutting Down Business Operations
By Carl A. Rizzo & Gerard M. Giordano on
Posted in Environmental Litigation
In deciding to continue or cease business operations at a particular location, a business owner needs to be fully informed as to how his actions will impact the company’s rights and obligations under the laws governing his business, such as environmental and real property tax laws. In this way, the business owner can ensure that …