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LANECO THREE, INC. v. TP. OF FRANKLIN

17 N.J. Tax 233 (1998)

LANECO THREE, INC., PLAINTIFF, v. TOWNSHIP OF FRANKLIN, DEFENDANT.

Tax Court of New Jersey

March 20, 1998.

Attorney(s) appearing for the Case

Charles J. Harrington, III for palintiff (Garippa & Davenport, attorneys).

William J. Caldwell for defendant (Carter, Van Rensselaer & Caldwell, attorneys).

AXELRAD, J.T.C.

In this matter taxpayer seeks a reduction in its local property tax assessments for the 1995 and 1996 tax years, for its community shopping center known as "Laneco Plaza." The subject property is located at 1 Pittstown Road, Franklin Township, Hunterdon County, New Jersey (Block 5, Lot 20) on 36.51 acres in a commercial zone.

The subject property was assessed for each of the tax years as follows:

      Land             $ 2,000,000...

                    
                    
                    

                        

                            

                                
                            

                            

                                

                                    
    
                                        
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