The Chapter 123 average ratio for the municipality for tax year 2012 is 97.08%. When the average ratio is applied to the assessment, the implied equalized value of the subject property for tax year 2011 is $4,139,243. The Chapter 123 average ratio for the municipality for tax year 2011 is 95.66%. The lease at the Pet Smart was the subject of considerable debate during the trial and will be discussed in greater detail below.įor tax years 2011, 20, the subject property was assessed as follows In the immediate vicinity of the subject on Route 70 are a number of retail establishments, including a Pet Smart directly across the highway from the subject. Although the subject property is visible from the more heavily-traveled Route 73, there is no direct access to the subject from that highway. Route 73 is more heavily traveled than Route 70, on which the subject is located, and has a number of high-end retailers. The subject property is located in the Marlton section of Evesham Township along a retail corridor near the intersection of Route 70 and Route 73. There are approximately 159 parking spaces on the property, including handicapped parking. A Starbucks coffee shop is located within the bookstore. On the relevant valuation dates, the building, which was in good condition, was occupied by a Barnes & Noble bookstore. The property is improved with a 23,657 square feet, one-story retail building constructed in 1995. The subject property is approximately 3.28 acres in a commercial zone with frontage along a State highway and a county road. The property is owned by Commercial Net Lease Realty, LLC, which elected not to participate in these matters. Plaintiff Barnes & Noble #2664 is a tenant at subject property responsible for paying local property taxes. The property is designated in the records of the municipality as Block 22.01, Lot 22 and is commonly known as 200 Route 70, West. These matters concern real property in defendant Evesham Township, Burlington County. The following findings of fact and conclusions of law are based on the evidence and testimony admitted at trial. For the reasons explained more fully below, the assessment for each tax year at issue is reduced. This letter constitutes the court s opinion after trial in the above-referenced matters challenging the assessments on plaintiff s real property for tax years 2011, 20.
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