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

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