Contaminated Property Would Be Assessed As-If Remediated Under Proposed Legislation
New Jersey Assemblyman Craig J. Coughlin has sponsored bill A-3179 in the New Jersey Assembly. The bill, if adopted as introduced, would require that “the true value of a parcel of real property contaminated with a hazardous substance . . . shall be its value as if it were remediated .” Under current New Jersey case law, when appraising contaminated properties for a “true market value for taxation purposes, appraisers are advised to view contaminated properties as ‘special purpose’ properties and allow a measure of flexibility to reach a determination of ‘true value.’” Pan Chemical Corp. vs. Hawthorne Borough, 404 N.J. Super. 401 (App. Div. 2009).
For more information on how environmental issues can impact property values in litigation, see the following article from the New Jersey Law Journal written by Anthony F. Della Pelle, Esq. and Thomas Olson, Esq., reposted on McKirdy & Riskin’s New Jersey Condemnation Law Blog : “Environmental Impacts in Real Estate Valuation Litigation”
The author wishes to acknowledge the assistance of Cory K. Kestner, Esq., of McKirdy & Riskin, PA, in the preparation of this article.
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