Orient Way Corp. v. Township of Lyndhurst

Defendant Township of Lyndhurst (“Lyndhurst”) appeals from a July 22, 2013 Tax Court judgment reducing plaintiff Red Roc Realty, L.L.C.’s (“Red Roe”) 2006, 2007, and 2008 real property tax assessments. Lyndhurst contends primarily that the Tax Court judge erroneously established the fair market value of contaminated property (“the property”) by considering its 2006 sale price. We affirm.

The property consists of an 8.8 acre parcel of land improved with a 100,230 square foot building. Over the years, the property was used for industrial activity and became contaminated. In 2003, a predecessor…