Glen Wall Associates v. Township of Wall

The opinion of the Court was delivered by

GARIBALDI, J.

At issue here is the 1980 real property tax assessment of a garden apartment development located in Wall Township. The appeal concerns the issues involved in valuing a commercial building under the building residual technique as an application of the income approach to value (building residual technique). Specifically, we review the Tax Court’s decision, which rejected the taxpayer’s expert’s (1) use of the assessed value of the land divided by the Chapter 123 ratio to determine the market value of the land, (2) use of stabilized actual…