Pepperidge Tree Realty Corp. v. Kinnelon Borough

KUSKIN, J.T.C.

Plaintiff appeals the tax year 2001 property tax assessment on two parcels of vacant land in the Borough of Kinnelon, designated on the Borough Tax Map as Block 26, Lot 115 (“Lot 115”) and Block 30, L.1.03 (“Lot 1.03”) (hereinafter referred to together as the “subject property”). Lot 115 has a stipulated area of 454.06 acres, and Lot 1.03 has a stipulated area of 444.15 acres divided into two sections, Area C containing 262.35 acres and Area D containing 181.80 acres. Lot 115 was assessed at $7,316,000, and Lot 1.03 at $8,419,500. Kinnelon implemented a municipal-wide…