Hackensack Water Company v. Borough of Old Tappan

Although I share the frustration of the majority in determining the fair market value of the underwater property of the Hackensack Water Company based upon the record in this -case, I would not, to the obvious detriment of the remaining taxpayers of the Borough of Old Tappan, ascribe as the true value of the reservoir land its remote original cost which has no relevance whatsoever to current market value. In doing precisely this, the majority fosters regressive and unsound valuation practices in the field of ad valorem taxation. I dissent.

Our statutory taxing scheme makes it quite clear that…