NJ Tax Court Chops $1.4B From Borgata’s Assessed ValueOctober 23, 2013 – In The News
Herbert Bass and Peter Sarkos were featured in the Law360 article "NJ Tax Court Chops $1.4B From Borgata's Assessed Value." While the full text can be found in the October 23, 2013, issue of Law360, a synopsis is noted below.
The Tax Court of New Jersey chopped $1.38 billion from the 2009 and 2010 assessed values of the Borgata Hotel and Casino, saying that the recession combined with an increase in competition undermined the casino’s value despite extensive upgrades.
It was not immediately clear whether Atlantic City would owe the casino any tax revenue from those years or whether the municipality would appeal the court’s decision.
Marina District Development, the joint venture that owns Borgata, was represented by Herbert Bass and Peter Sarkos.