October 09, 2001
HARCLAY HOUSE ASSOCIATES, PLAINTIFF-APPELLANT
CITY OF EAST ORANGE, DEFENDANT-RESPONDENT
Before Judges A. A. Rodríguez and Lefelt.
The opinion of the court was delivered by: Per Curiam
NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION
Argued: September 12, 2001
On appeal from a final judgment of the Tax Court of New Jersey.
Harclay House Associates (Harclay) appeals from the judgment of the Tax Court, affirming a real property assessment by the City of East Orange. We affirm.
Harclay's sole argument on appeal is that its methodology in establishing "fair rental value" or "economic rent/income" is correct as a matter of law and, therefore, the Tax Court should have accepted it. The Tax Court found that Harclay failed to overcome the presumption of validity or correctness which attaches to the assessment. We agree with the Tax Court and affirm substantially for the reasons expressed by Judge Joseph Small in the opinion published at 18 N.J. Tax, 564 (2000).