Marina District Development Co. LLC v. Atlantic City, Nos. 008116-2009, 008117-2009, 003188-2010, 003194-2010; Tax Court; opinion by DeAlmeida, P.J.T.C.; decided and approved for publication October 18, 2013. DDS No. 35-5-1705 [64 pp.]
Plaintiff Marina District Development Co., L.L.C., owns or leases seven parcels of real property in Atlantic City on which is located the Borgata Hotel and Casino. The complex includes the Borgata Hotel, the Water Club Tower Hotel, a large casino, restaurants, bars, entertainment venues, retail stores, spas, pools, parking lots and associated amenities that operate as a single economic unit. The parcels were assessed at $2.26 billion for tax years 2009 and 2010. Plaintiff challenges those assessments, arguing that they exceed the true market value of the property. The municipality filed counterclaims seeking to raise the assessments.
