URBAN RENEWAL v. CITY OF ELIZABETH

Docket Numbers 000892-2006, 007092-2007

27 N.J. Tax 196 (2013)

ELIZABETH CENTER APARTMENTS URBAN RENEWAL CORPORATION, Plaintiff, v. CITY OF ELIZABETH, Defendant.

Tax Court of New Jersey.

April 25, 2013.


Attorney(s) appearing for the Case

Amber N. Heinze, Esq. and Kevin S. Englert, Esq. , The Irwin Law Firm, P.A., for Plaintiff.

Robert D. Blau, Esq. , Blau & Blau, for Defendant.


BRENNAN, J.T.C.

This appeal concerns the impact of non-deed restrictions on the value of real property developed as low to moderate income cooperative apartment residences. For the reasons set forth herein, the court finds that the restrictions that created and continue to maintain the cooperative corporation's real property as a source of low to moderate income housing have resulted in a unique and limited market in which to determine true value.

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