Beneficial Facilities Corp. v. Borough of Peapack & Gladstone

Plaintiffs contested the 1988 and 1989 real property tax assessments on their ten-building headquarters complex located in the Borough of Peapack and Gladstone. The Tax Court concluded that the correct method of valuation was to use the actual cost of construction trended up to the assessment dates and on that basis reduced the 1988 assessment by $60,305,475 and the 1989 assessment by $53,554,550. The issues on this appeal focus principally on the manner in which the Tax Court made its determination of actual costs. The opinion of the Tax Court is published at 11 N.J.Tax 359 (Tax Ct.1990).

Defe…