Represented a biopharmaceutical company in a property tax appeal on the Company’s Northeast manufacturing/research and development complex. The matter was scheduled for trial in early Q2 and settled on the first day of trial. The parties agreed to a reduction in assessment that results in property tax savings to the company in the amount of $8 million. The Company’s valuation analysis included a cost approach and an argument that physical depreciation and functional obsolescence reduced the value of the complex substantially. The McCarter & English national property tax appeal group represents the Company on all their facilities nationwide.
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