The opinion of the court was delivered by SCHREIBER, J.
This case presents a difficult problem in real property tax valuation involving the assessment under N.J.S.A. 54:30A-52 of land beneath a reservoir created and owned by the Hackensack Water Company, a private water public utility. The municipal taxing authority is the Borough of Old Tappan.
I
The background of this controversy is as follows. In the late 1950's, the taxpayer, Hackensack...
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