Spiegel v. Town of Harrison

Defendant, Township of Harrison, appeals from a judgment of the Tax Court reducing the 1996, 1997, and 1998 property tax assessments of plaintiff Isadore Spiegel’s 14.3 acre light industrial use property from $5,500,000 for 1996 and $5,177,500 for both 1997 and 1998, to $4,023,100, $4,061,800, and $4,138,000, respectively.

Defendant contends the judgment is not supported by substantial credible evidence in the record. It claims that in determining the property’s market rental value under the income capitalization valuation method, both plaintiffs valuation exj)ert and the trial judge…