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PARKWAY VILLAGE APARTMENTS CO. v. CRANFORD TP.

108 N.J. 266 (1987)

528 A.2d 922

PARKWAY VILLAGE APARTMENTS CO., PLAINTIFF-APPELLANT, v. TOWNSHIP OF CRANFORD, DEFENDANT-RESPONDENT.

The Supreme Court of New Jersey.

Decided July 28, 1987.

Attorney(s) appearing for the Case

Carl G. Weisenfeld argued the cause for appellant (Hannoch Weisman, attorneys; Mr. Weisenfeld and Todd M. Sahner, on the brief).

Ralph P. Taylor argued the cause for respondent.

PER CURIAM.

In this appeal we must determine the proper method of assessing, under the capitalization of income approach, the fair rental value of a large well-managed apartment complex with one-year leases. The Tax Court ruled that the assessment should be based on the present potential rent of the apartments rather than the actual rent of the apartments as of the assessment date, 8 N.J.Tax 430

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