Inmar Associates, Inc., Plaintiff-Appellant v. Borough of Carlstadt, Defendant-Respondent; Gaf Corporation…

Summary

The Supreme Court of New Jersey affirmed the assessment of GAF Corporation, holding that environmental cleanup costs under the Environmental Cleanup Responsibility Act are not deductible from the true value of the property for tax purposes, and reversed the Appellate Division’s judgment in Inmar Associates, remanding that case to the Tax Court for a new determination of value.