Atlantic Cty Inst Of Tech. Oakcrest High School. The school service areas are not definitive and should only be used as guidance. GreatSchools Ratings provided by www. Data displayed here has not been verified by Estately. See all homes in Weymouth, NJ. Map Street. Prev Next.
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Utilities Water Heater: electric Water: public Sewer: public sewer. Street Map Satellite. Open directions in Google Maps. Inflation alone forces municipalities to spend more, just to maintain current service levels. But aside from inflation, local expenditures are driven by demographics. Public school enrollments are on the rise. The Legislature has always had the power to address the property tax crisis. The Legislature has had ample opportunity to address the property tax crisis. The Legislature has not addressed the property tax crisis.
Despite decades of inaction, incredibly, there are those who still believe that the Legislature, and the Legislature alone, should have the right to accomplish significant and lasting property tax reform. We would welcome that. But don't let anybody tell you that is the surest route to true reform.
And don't let anybody tell you that movement towards a property tax convention precludes the possibility of Legislative progress. Legislative action on a special property tax convention bill will do nothing to prevent the unanticipated, unprecedented and highly unlikely prospect that the Legislature just might decide, at long last, to lance this festering sore on the body politic.
All action on a convention bill will do is set a time limit. The Legislature will have until Election Day to convince the people of New Jersey that they do not need a special convention to get true property tax reform. If they can do that, there will be no special convention. If they cannot, then there has to be one. With property tax pressures almost certain to intensify this year, the people of New Jersey must be given a hope for future relief. They expect the Senate and General Assembly, as well as Governor Codey, to act on a property tax convention bill, in time to get the question on this November's ballot.
They need nothing more than that. They deserve nothing less.
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Home FAQs. Show All Answers 1. Why is talking about tax relief important? How is the responsibility for taxing and spending divided between the State and local governments in New Jersey? Tax App. Tax 15, 17, A. Division of Tax Appeals, 35 N. Tax at Warren County Tax Administrator, 19 N. Tax 1, 7 Tax citing Township of Woodbridge v. Middlesex County Bd. See also Township of Berkeley Heights v. Division of Tax Appeals, 68 N. The primary question in this case is whether the Director erred in excluding the sale of the Traymore sites in the calculation of her ratios on the grounds that the sale was properly classified as one of her thirty-three categories of non-usable deed transactions.
Union, supra, N. Tax at 18, A. Sales which for some reason other than specified in the enumerated categories are not deemed to be a transaction between a willing buyer, not compelled to buy, and a willing seller, not compelled to sell;. Sale in which several parcels are conveyed as a package deal with an arbitrary allocation of the sale price of each parcel. Transfers falling within the foregoing category numbers 1, 2, 3, 9, 10, 13, 15, 17, 26, 28 and 31 under a above , should generally be excluded but may be used if after full investigation it clearly appears that the transaction was a sale between a willing buyer, not compelled to buy, and a willing seller, not compelled to sell, with all conditions requisite to a fair sale with the buyer and seller acting knowledgeably and for their own self-interests, and that the transaction meets all other requisites of a usable sale.
Atlantic City asserts that N. Tax , App. Borough of Fort Lee, N. In Owners Corp. Here, however, Atlantic City has failed to produce sufficient, competent evidence that the Director misclassified the sale of the Traymore sites as a non-usable assemblage, part of a package deal with an arbitrary allocation, or to produce evidence that the sale was an arms-length transaction reflective of the fair market value of the underlying property.
The record supports a finding that the sale of the Traymore sites was an assemblage and thus non-usable for purposes of the Director's school aid and chapter tables.
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Hilton, N. Assemblages are not considered usable sales for purposes of the Director's school aid and chapter tables because they add significant value to the adjacent property not reflected in the assessment of the combined tract.
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City of Atlantic City v. Boardwalk Regency Corp. Ginnetti, 17 N. Atlantic City fails in this argument.
CITY OF ATLANTIC CITY PLAINTIFF ATLANTIC COUNTY BOARD OF TAXATION DEFENDANT v. <<
In her deposition entered as evidence, Ms. She also stated that AREP acquired other surrounding properties besides the Traymore sites, and that such acquisitions were made while planning for subsequent redevelopment. She also testified that the assemblage of the sites enhanced the value of AREP's existing holdings i.
Evidence entered and testimony heard at trial established that the acquisition of the Traymore sites vested complete ownership and control of all of Block 47 in Sands, AREP and other related AREP entities. Those purchases increased the value of the whole of the tract located between Pacific Avenue and the boardwalk as it allowed AREP to both prevent competition on the sites and then increase the value of the whole tract after its redevelopment.
I find such evidence and testimony more persuasive than Atlantic City's assertion regarding lack of proven common ownership. New Jersey case law, as discussed above, leads to the conclusion that such a purchase is an assemblage, which Director correctly determined non-usable under NU Atlantic City next asserts that, even if the sale was an assemblage, it still qualifies as a market sale, and is thus usable for purposes of the chapter and county equalization tables, because it was a transaction between a willing buyer and willing seller, not compelled to buy nor compelled to sell, and knowledgeable of the sites' market values.
Atlantic City errs in this argument, however, because neither Sands nor Harrah's negotiated separately for the price of the two Traymore sites vis-a-vis the price of the Flamingo-Laughlin site, and because Sands AREP indirectly , under the terms of the asset purchase agreement, allocated price between the two Traymore sites on its own, not through any negotiation.
Had there been an appraisal performed to determine the market value of the whole tract, the sale might have been deemed usable for purposes of calculating the Director's school aid and chapter tables. Riorano, Inc. Township of Weymouth, 4 N. However, no such appraisal of the Traymore parcels was done, and there was no negotiation with respect to the prices allocated to each of the three parcels transferred by the agreement.
The terms of the agreement indicate that the allocations may have been driven by Internal Revenue Code provisions and business advantage rather than by the three sites' true fair market values.
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The record also supports a finding that the sale of the Traymore sites was part of a package deal with an arbitrary allocation of prices between both the Flamingo-Laughlin and the Traymore sites, and an arbitrary allocation between the two Traymore sites. It is uncontested that the sale of the Traymore sites was part of a package deal with the Flamingo-Laughlin site. This is supported by evidence entered at trial and testimony heard. The Director correctly notes, when determining whether a sale constitutes a true market sale, a willing buyer and willing seller presuppose an informed buyer and seller.
See U. Life Realty Corp. Towship of Jackson, 9 N. Tax 66, 75 Tax The court in Township of Pennsville v. Tax 47, 54 Tax citing Township of West Deptford v.
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Gloucester County Bd. In this case, applying New Jersey case law discussed above, AREP and Harrah's were not willing buyer and willing seller because they were not informed of the Traymore sites' fair market values. They agreed to a total price before they allocated prices to the three properties. Atlantic City's contention that the buyer and seller were aware of the general market values of the surrounding properties does not equate to knowledge of the market value of the subject property-the Traymore sites in this case-or arms-length negotiations. Because no appraisal was done on the Traymore sites, it is implausible for Atlantic City to contend that buyer and seller were knowledgeable of the Traymore sites' value, as required by New Jersey case law to be deemed informed parties.
Also, if as Atlantic City contends the purchasing parties were separate independent public corporations, then they could not have allocated prices between themselves without a firmer basis than is found in this record. The fact that the acquisition was a package deal for both the Flamingo-Laughlin and Traymore sites gives me no confidence that the sales prices allocated to these three parcels-each separately assessed-reflect an independently arrived at fair market value for each, or in fact any, of those three properties.