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Judge Baer

DEBTOR LOEWS Cineplex Entertainment Corp. appealed from a bankruptcy court decision assessing the value of a property leased by the debtor and the corresponding tax obligation for tax years 1999 and 2000. The subject New Jersey property, leased by Loews, is a parcel that was improved with a multiplex movie theater. Under the lease terms, Loews is required to pay all real estate taxes on the subject property. The instant court affirmed, ruling that the bankruptcy court properly concluded that the original assessment was not entitled to a presumption of correctness and the the bankruptcy court properly valued the subject property and made sufficient findings of fact and conclusions of law in determining the value of the property for tax years 1999 and 2000 under New Jersey law. The court added that the bankruptcy court did not improperly rely upon a post-assessment event in determining the value of the subject property.

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