Borough of Little Ferry v. Vecchiotti

EVERS, J.T.C.

The threshold issue in this local property tax case involves a valuation approach which has resulted from the widespread conversion of rental apartment buildings to condominium and/or cooperative ownership. In its quest for a reduction in the assessments levied against its 216-unit garden apartment *394complex in 1979, 1980 and 1981 taxpayer relied on the capitalization of income approach to value. Borough utilized the income and cost approaches and a market approach based on a conversion value theory. The crux of borough’s theory is, notwithstanding that the subject as of all…