January 12, 2012
SECAUCUS TOWN, PLAINTIFF-APPELLANT,
DIRECTOR, DIVISION OF TAXATION, DEFENDANT-RESPONDENT.
On appeal from the Tax Court of New Jersey, Docket No. 019264-2010.
NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION
Argued December 21, 2011 - Decided
Before Judges Fuentes, Graves and Harris.
The Township of Secaucus appeals from the judgment of the Tax Court affirming the decision of the Director of Taxation.
As framed by Judge Christine Nugent:
The issue herein presented by Plaintiff, is whether in formulating the Table of Equalized Valuations certified to the State Commissioner of Education on September 29, 2010, for use in the determination of the distribution of school aid for the 2010 school year, the Director of the Division of Taxation improperly included the transfer of a property viewed by Plaintiff as a non-usable sale. N.J.A.C. 18:12-1.1(a).
Secaucus argues that the Tax Court's ruling upholding the Director's inclusion of the sale of this property in the sales- ratio study should be reversed as unreasonable and unjustifiable. Specifically, Secaucus argues here, as it did before Judge Nugent, that the price paid by the buyer is not indicative of the property's fair market value because the sales price was "negotiated between parties who did not know the fair market value of the property."
We reject this argument and affirm the judgment of the TaX Court substantially for the reasons expressed by Judge Nugent in her thorough, well-reasoned memorandum of opinion dated March 23, 2011.
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