Dealing With Assessed Value
The Hoboken City Council should be aware of the treatment of assessed value in the eminent domain valuation process.
Some States completely disregard the assessed value, not allowing the admission of the amounts at the trial. In other States, the assessed value may be introduced by either the owner or the condemning authority. In other States, only the owner may introduce the amount against the governmental agency. One must look to the judicial decisions of the person’s respective State on this very important subject.
In New Jersey, assessing at $10,000,000, and making an offer at $2.3 million dollars does not seem fair!
Second Ward Councilwoman Beth Mason, who voted against the measure, voiced concern over using eminent domain instead of encouraging further negotiations.
"The issue of eminent domain is an extremely powerful tool. We should look at all other options before using those tools," she said.
Robert Lipschitz, an attorney representing property owner Ponte Equities, Inc., warned the council about the use of eminent domain.
"The reality is, the city's own appraiser valued this land at over $10 million in 2009, and really not much has changed regarding the property since 2009," he said, and predicted that a jury could decide that the city is on the hook for the full $10 million.
