Hemisphere International Plaza, L.P. v. City of Newark

Plaintiff Hemisphere International Plaza, L.P. (Hemisphere), filed a complaint with the Tax Court alleging that the 2003 tax assessment imposed by the City of Newark (the City) on its land and office building was excessive. The property was originally assessed in 2003 for $30,675,300 as the result of a city-wide revaluation. Following a trial, a judgment was entered by the Tax *287Court reducing the assessment of the property to $19,300,000 for the tax year 2003.

On appeal, the City requests that the ruling of the Tax Court be reversed and that the matter be remanded, for the following reasons:

POIN…