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

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

In July of this year, the New Jersey Legislature modified the law addressing tax refunds by requiring a New Jersey property tax refund for certain industrial sites to be deposited with the New Jersey Department of Environmental Protection (“DEP”) and applied towards remediation costs instead of being paid to the owner or tax lien holder.