The panel considered the appeals of owners of two adjacent tax lots on the site of the former Palisades Amusement Park in Cliffside Park from Tax Court judgments affirming the 2011-2013 tax assessments on the properties. The Tax Court found plaintiffs had overcome the presumption of the validity of the assessments; rejected the Borough's cost approach for valuing the property; rejected the reliability of improvement costs generated by computer software; accepted plaintiffs' expert's hybrid approach to valuation but found the appraiser lacked adequate objective evidence to support his adjustments; and determined there was not sufficient competent evidence in the record to permit the court to make an independent finding of true value, resulting in the assessments being affirmed. The panel affirms, substantially for the reasons expressed by Judge Fiamingo in her written opinion, which is reported at 29 N.J. Tax 245 (Tax 2016).
