On appeal from the Tax Court of New Jersey.
Milmed, Morton I. Greenberg and Furman. The opinion of the court was delivered by Milmed, P.J.A.D.
[188 NJSuper Page 36] The City of Summit (city) appeals from a judgment of the Tax Court concerning local property assessments for the years 1976 through 1979 on certain real property owned by respondent Rodwood Gardens, Inc. (Rodwood).
The property, situated at 412 Morris Avenue in Summit, consists of a tract of land, irregular in shape, approximately 330 feet by 500 feet, improved with a garden apartment complex consisting of 16 building sections built in the early 1950s and containing 57 apartment units. For each of the tax years under review, i.e., 1976 through 1979, the city assessed the property at values established in its revaluation program of 1970 and put into effect for the 1972 tax year, viz.,
On the taxpayer's appeals the 1976, 1977 and 1978 assessments were initially reviewed and sustained by the Union County Board of Taxation. The judgments of the county board for the three years were appealed by Rodwood to the Division of Tax Appeals, now the Tax Court. The 1979 assessment was appealed directly to the Tax Court pursuant to N.J.S.A. 54:3-21.
The four appeals were consolidated for hearing and, at the close of the proofs, the Tax Court judge who presided reserved decision. In a letter opinion which followed, the judge found: (1) "the true value of the subject property to be $1,051,000 for 1976, 1977 and 1979, and $1,059,000 for 1978, calculated under the income approach" and (2) Rodwood was entitled to discrimination relief for each of the four years. He, accordingly, directed the entry of judgments grounded on these findings and fixing the assessments as follows:
For 1976 For 1977 For 1978 For 1979
Land $239,400 $239,400 $239,400 $239,400
Improvements 414,100 414,100 396,000 401,700
------- ------- ------- -------
Total $653,500 $653,500 $635,400 $641,100
We reverse and direct the reinstatement of the original assessments of the subject property for each of the tax years under review. It is obvious ...