Hackensack Water Company, Respondent v. Borough of Old Tappan, a Municipal Corporation, Appellant; Borough of Old…

Summary

The Supreme Court of New Jersey affirmed the lower courts' judgments, modifying the assessment of the Hackensack Water Company's underwater reservoir land to $670 per acre based on the land's original cost, finding that this was an appropriate proxy for fair market value in the absence of other evidence. A dissent argued that reliance on historic acquisition cost was improper and urged a remand for a new valuation.