New Jersey Tax Court June 18, 1981 (Genola Ventures v. Borough of Shrewsbury)

ANDREW, J. T. C.

In this local property tax proceeding plaintiff seeks a reduction of an alleged over-assessment of various parcels of vacant land for the tax year 1976 based on a “cost of development” method of valuation.

The property consists of 37 vacant lots aggregating approximately 203.41 acres in Shrewsbury Borough. Of the 37 lots, 36 are residential in character, ranging in size from 1.