Mays Center Associates Corp. v. Township of Rockaway

The taxpayer, Mays Center Associates Corp., the owner and operator of the Lord & Taylor Department Store in the Rockaway Mall, appeals from the Tax Court’s real property tax assessments for 1991 and 1992. The parties agreed to some factors, namely, the land valuation at $3,300,000; the replacement cost of the building at $10,500,000; the value of site improvements after depreciation of $775,000; and the common level ratio of assessments for the two years. The taxpayer, however, claimed that its experts’ opinions utilizing the comparable sales approach to valuation and the capitalization of…