45-22 Stipulation of Settlement - 2016-2022.pdf

Blau & Blau Charles E. Blau, Esq. Attorney ID: 007711983 223 Mountain Avenue Springfield, New Jersey 07081 (973) 564-9003 Attorneys for West Orange Township West Orange Township, Plaintiff v. MCI Tele Corp/Verizon Pro Tax Dept, Defendant Tax Court of New Jersey Docket Nos. 005328-2016 002013-2017 004983-2018 000959-2019 000700-2020 002583-2021 001389-2022 1. It is hereby stipulated and agreed that the assessment of the following property be adjusted and judgment entered as follows: Block: 84.01 Lot: 22 Address: 10 Marcella Avenue District: West Orange Year(s): 2016 Original Assessment County Board Judgment Requested Judgment Land $ 422,400 $ 422,400 Improvement $ 602,600 Direct $1,753,300 Total $1,025,000 Appeal $2,175,700 Block: 84.01 Lot: 22 Address: 10 Marcella Avenue District: West Orange Year(s): 2017 CIVIL ACTION STIPULATION OF SETTLEMENT (Without Affidavit)

Stipulation of Settlement Page 2 of 4 Original Assessment County Board Judgment Requested Judgment Land $ 422,400 $ 422,400 Improvement $ 602,600 Direct $1,958,600 Total $1,025,000 Appeal $2,381,000 Block: 84.01 Lot: 22 Address: 10 Marcella Avenue District: West Orange Year(s): 2018 Original Assessment County Board Judgment Requested Judgment Land $ 422,400 $ 422,400 Improvement $ 602,600 Direct $1,993,500 Total $1,025,000 Appeal $2,415,900 Block: 84.01 Lot: 22 Address: 10 Marcella Avenue District: West Orange Year(s): 2019 Original Assessment County Board Judgment Requested Judgment Land $ 422,400 $ 422,400 Improvement $ 602,600 Direct $2,273,000 Total $1,025,000 Appeal $2,695,400 Block: 84.01 Lot: 22 Address: 10 Marcella Avenue District: West Orange Year(s): 2020 Original Assessment County Board Judgment Requested Judgment Land $ 422,400 $ 422,400 Improvement $ 602,600 Direct $2,234,300 Total $1,025,000 Appeal $2,656,700

Stipulation of Settlement Page 3 of 4 Block: 84.01 Lot: 22 Address: 10 Marcella Avenue District: West Orange Year(s): 2021 Original Assessment County Board Judgment Requested Judgment Land $ 422,400 $ 422,400 Improvement $ 602,600 Direct $2,168,100 Total $1,025,000 Appeal $2,590,500 Block: 84.01 Lot: 22 Address: 10 Marcella Avenue District: West Orange Year(s): 2022 Original Assessment County Board Judgment Requested Judgment Land $ 422,400 $ 422,400 Improvement $ 602,600 Direct $2,077,800 Total $1,025,000 Appeal $2,500,200 2. The undersigned have made such examination of the value and proper assessment of the properties and have obtained such appraisals, analysis and information with respect to the valuation and assessment of the properties as they deem necessary and appropriate for the purpose of enabling them to enter into the Stipulation. The assessor of the taxing district has been consulted by the attorney for the taxing district with respect to this settlement and has concurred. 3. Based upon the foregoing, the undersigned represent to the Court that the above settlement will result in an assessment at the fair assessable value of the properties consistent with assessing practices generally applicable in the taxing district as required by law. 4. Assuming no material changes to the subject property, the assessment would remain $2,500,200 in tax years 2023 and 2024, and the Township shall not initiate an assessment appeal to increase the assessment on the subject property for any tax year

Stipulation of Settlement Page 4 of 4 prior to the tax year in which the Township implements a district-wide reassessment or revaluation. Verizon does not waive its right to file an appeal in tax years 2023 and/or 2024 to seek a reduction. 5. The parties have agreed that statutory interest will be waived if the tax is paid within sixty (60) days of the bill being sent by the tax collector. _____________________ __________________ Charles E. Blau Alex P. Genato Attorney for Plaintiff Attorney for Defendant Dated: March 14, 2022 Dated: