PRUDENTIAL INS. v. TP. OF PARSIPPANY-TROY HILLS


16 N.J. Tax 58 (1995)

PRUDENTIAL INSURANCE COMPANY OF AMERICA, PLAINTIFF, v. TOWNSHIP OF PARSIPPANY-TROY HILLS, DEFENDANT.

Tax Court of New Jersey

Decided June 28, 1995.


Attorney(s) appearing for the Case

Frank E. Furruggia for plaintiff (McCarter & English, attorneys).

Louis P. Rago for defendant (Weiner Lesniak, attorneys).


HAMILL, J.T.C.

Plaintiff Prudential Insurance Company of America appeals the 1993 and 1994 local property tax assessments on Block 202, Lot 3.9 in Parsippany-Troy Hills Township. The property is the Parsippany Hilton located at 1 Hilton Court. For both years, the property was assessed at $25,829,800. With application of the Chapter 123 ratios (54.54% for 1993 and 56.4% for 1994), the indicated equalized value was in excess of $47 million for 1993 and was somewhat...

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