Russo v. Borough of Carlstadt

Lawrence Russo, Jr. is the owner of property in the Borough of Carlstadt described as Block 131, Lots 9.0 (5.949 acres), 9.01 (7.973 acres) and 9.02 (5.58 acres). Beginning in 1993, Russo filed yearly challenges to the real estate tax assessments of his property. In each of his complaints to the Tax Court, Russo contended that the assessment of the subject lots should be reduced from approximately $5,000,000 to $100 because the property had been “rendered virtually worthless and incapable of being used for any purpose, by virtue of the actions of federal, state and local governmental…