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119. Economic Obsolescence
Economic obsolescence must be considered when valuing property, even though a plant is closed. The principles of Inmar are controlling in formulating a method for estimating the effect on value of contamination for a plant that has closed and for which cleanup costs have been estimated but not determined. The trial court must comply with the pronouncements of the appellate division.
Badische Corp. v. Town of Kearny. 17 NJ. Tax 594 (1998 [March 5]).
Badische Corporation appealed the tax court's decision on remand from Badische Corp. (BASF) v. Town...