Borgata’s Property Tax Win Withstands Atlantic City’s AppealJuly 6, 2015 – In The News
Herbert Bass and Peter M. Sarkos were featured in the Law360 article, “Borgata's Property Tax Win Withstands Atlantic City's Appeal.” Full text can be found in the July 6, 2015, issue, but a synopsis is below.
On Monday, the New Jersey Appellate Division issued an opinion upholding the validity of Borgata Hotel and Casino’s property tax assessment method along with a state tax court decision that cut the assessed value by $1.4 billion. The ruling will result in a significant tax recoup for the venue.
Borgata’s parent, Marina District Development Co., had successfully appealed the valuation over objections from the city to the tax court’s use of the income approach in calculating the casino’s tax liability rather than the cost approach.
Fox attorneys Herbert Bass and Peter M. Sarkos are representing Marina District Development Co. LLC.