Glen Wall Associates v. Township of Wall, Defendant-Respondent

Summary

The Supreme Court of New Jersey reversed the Appellate Division and remanded the case, holding that the taxpayer’s expert may (1) use the assessed land value divided by the Chapter 123 ratio to determine market land value, (2) use stabilized actual rent as economic rent, (3) rely on rates of return on alternative investments to set the capitalization rate, and (4) consider a sale occurring within three months of the assessment date as an indicator of market value.