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BENEFICIAL FACILITIES CORP. v. PEAPACK & GLADSTONE BOR.

13 N.J. Tax 112 (1992)

BENEFICIAL FACILITIES CORPORATION, AND HAMILTON ASSOCIATES LIMITED PARTNERSHIP, PLAINTIFFS-RESPONDENTS, CROSS-APPELLANTS, v. BOROUGH OF PEAPACK AND GLADSTONE, DEFENDANT-APPELLANT. BENEFICIAL MANAGEMENT HEADQUARTERS, INC. (II), PLAINTIFF-RESPONDENT, CROSS-APPELLANT, v. BOROUGH OF PEAPACK AND GLADSTONE, DEFENDANT-APPELLANT.

Superior Court of New Jersey, Appellate Division.

Decided May 18, 1992.

Attorney(s) appearing for the Case

Richard M. Conley argued the cause for appellant (Conley & Haushalter, attorneys; Mr. Conley, of counsel and on the brief and reply brief).

Richard L. Plotkin argued the cause for respondent (Pitney, Hardin, Kipp & Szuch, attorneys; Mr. Plotkin and Christopher J. Stracco, on the brief and reply brief).

Before Judges ANTELL, BAIME and THOMAS.

PER CURIAM.

Plaintiffs contested the 1988 and 1989 real property tax assessments on their ten-building headquarters complex located in the Borough of Peapack and Gladstone. The Tax Court concluded that the correct method of valuation was to use the actual cost of construction trended up to the assessment dates and on that basis reduced the 1988 assessment by $60,305,475 and the 1989 assessment by $53,554,550. The issues on this appeal focus principally on the manner...

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