A. Castel

The property owner and the municipality appealed the 2012 property assessment of a vacant commercial lot.

The property had been assessed at $1,173,000, but the owner and MPAC had previously agreed to reduce it to $630,000 via Minutes of Settlement, which the municipality refused to sign.

The owner had purchased the property in 2010 for $525,000 after it sat on the market for 15 years due to environmental stigma.

The Assessment Review Board found that the 2010 sale price of $525,000 was the best evidence of current value, rejecting the municipality's comparables as vastly superior.

The Board reduced the assessment to $525,000 and found the municipality's refusal to settle unreasonable, inviting submissions for costs.