NJ Tax Court Cuts Commercial Property’s Assessments by $40 Million

A New Jersey town wrongly increased the value of a commercial property using a prior year’s assessment that was later invalidated, the state tax court has found, cutting two assessments down by around $20 million each.

Partner Dan Zazzali, who represents property owner Plaza Twenty Three, said that he was pleased with the ruling. “Hopefully, the decision will prevent taxpayers from being targeted by spot assessments in the future.”